The growth rate of fixed investment continued to improve
According to the survey results of chief economist of first finance and economics, economists expect the average growth rate of fixed asset investment from January to June to be - 3.03%, 3.27 percentage points higher than the figure released by the Bureau of statistics in May.
Wu chaoming, vice president of Caixin Research Institute, told reporters from China first finance and economics that the demand side repair after the epidemic is characterized by investment demand faster than consumption demand, infrastructure demand faster than other demands, and high-tech investment faster than other manufacturing investment. In May, trillions of special bonds were issued, and in June, special treasury bonds successively flowed into the market, which will support the continuous increase of infrastructure investment. Therefore, the pattern of infrastructure leading, real estate accompanying and manufacturing investment weak will continue in June. It is expected that the investment growth rate will rise to about - 1.8% in the first half of the year.
Low investment in manufacturing industry
In terms of investment in manufacturing industry, from January to may, the investment in manufacturing industry decreased by 14.8% year-on-year, 4% lower than that in January April. Among them, the decrease rate of investment in equipment manufacturing industry and consumer goods manufacturing industry decreased by 3.8% and 4% respectively.
Pan Xiangdong, chief economist of new era securities, said that there is room for further repair of manufacturing investment, but considering the impact of the epidemic on profits, foreign demand and the willingness of enterprises capital expenditure, it will take time to recover, and the recovery speed of investment growth in manufacturing industry may continue to slow down and linger at a low level for a long time.
In terms of real estate investment, from January to may, the investment in real estate development decreased by 0.3% year-on-year, and the decline rate was 3% lower than that of January to April, and the residential investment remained unchanged year on year. The funds in place of real estate development enterprises decreased by 6.1%, and the decline rate narrowed by 4.3 percentage points. The decrease rate of newly started housing area of real estate development enterprises narrowed by 5.6 percentage points.
Huang Jianhui, chief economist of Minsheng Bank, said real estate development investment is expected to increase by 1.5% in the first half of the year, better than - 0.3% in the previous five months. The commercial housing transaction data of 30 large and medium-sized cities show that the transaction of commercial housing in June has turned warm, and the improvement of the epidemic situation makes the backlog demand in the early stage continue to be released; the decrease rate of land transaction in 100 large and medium-sized cities has expanded, and real estate enterprises are competing for hot land in hot cities, and the trend differentiation of various cities is intensified. In the short term, with the support of construction and installation investment and land purchase cost, the growth rate of real estate development investment will turn positive, but the positioning of housing and housing not speculation remains unchanged, and the upward space is limited.
Infrastructure investment continued to grow in the second half of the year
Since the second quarter, the decline in infrastructure investment has been significantly narrowed. From January to may, infrastructure investment decreased by 6.3% year on year, 5.5 percentage points lower than that in January April. Among them, the investment in ecological protection and environmental treatment industry increased by 2.5%, that in information transmission industry decreased by 9.7%, and that in transportation and postal industry decreased by 6.3%.
Pan Xiangdong believes that the logic of infrastructure repair has not changed, but some marginal changes in June may slow down the pace of infrastructure investment and repair. In June, the issuance scale of special bonds decreased significantly. The Ministry of Finance mentioned to appropriately reduce the issuance of general treasury bonds and local bonds in June and July to make room for the issuance of special treasury bonds. The high temperature and rainy season have a negative impact on infrastructure construction, and the epidemic situation in Beijing may have a certain impact on the infrastructure construction in Beijing Tianjin Hebei region. In addition, the seasonally accumulated stocks of rebar and the price of cement decreased seasonally, and there was no over seasonal performance in June.
Looking forward to the second half of the year, infrastructure investment is still an important engine of macro-economy. Zheng Houcheng, director of Yingda Securities Research Institute, said in an interview with the first finance and economics reporter that infrastructure investment in the second half of the year is likely to start. Infrastructure investment is an important grasp of counter cyclical regulation and the main force of macroeconomic growth after the epidemic. All indicators of PMI of construction industry are in a high position. With the governments support for infrastructure investment, we should be optimistic about the growth rate of infrastructure investment in the second half of the year. Ding Yong, chief statistician of the investment department of the National Bureau of statistics, said that with the obvious effect of the stable investment policy, the investment in new projects continued to show a positive trend. The total investment of new projects from January to May increased by 7.9%, 6.8 percentage points faster than that from January to April. From the perspective of relevant indicators, the production and sales of construction machinery products were booming in May. The output of excavation, earth moving machinery and concrete machinery increased by 62.1% and 42.2% respectively, and the sales volume of excavators increased by 68% year on year. All of these indicate that investment is expected to continue to pick up in the future. Source: Chen Hequn, editor in charge of Finance and Economics_ NB12679
Looking forward to the second half of the year, infrastructure investment is still an important engine of macro-economy. Zheng Houcheng, director of Yingda Securities Research Institute, said in an interview with the first finance and economics reporter that infrastructure investment in the second half of the year is likely to start. Infrastructure investment is an important grasp of counter cyclical regulation and the main force of macroeconomic growth after the epidemic. All indicators of PMI of construction industry are in a high position. With the governments support for infrastructure investment, we should be optimistic about the growth rate of infrastructure investment in the second half of the year.