国家统计局回应投资放缓：投资结构优化，制造业投资持续增长

Core Viewpoint - The investment growth rate in China is slowing down, but the investment structure is optimizing, particularly in the manufacturing sector, which continues to see growth [1][4]. Investment Growth and Structure - Fixed asset investment decreased by 1.7% year-on-year in the first ten months of the year, but when excluding price factors, there was still a slight increase in the physical volume of investment [3]. - The slowdown in investment growth is attributed to multiple factors, including a complex external environment, intense domestic market competition, and declining investment returns, leading to cautious decision-making among market participants [3]. - Real estate investment saw a significant decline of 14.7% year-on-year, which negatively impacted overall investment growth by approximately 3 percentage points [3][4]. Manufacturing Sector Performance - Despite the overall slowdown, manufacturing investment grew by 2.7% year-on-year, accounting for 25.6% of total investment, an increase of 1.1 percentage points compared to the previous year [4]. - High-end industries are experiencing increased investment, with aerospace and equipment manufacturing up by 19.7% and information services by 32.7% year-on-year [4]. - Investments related to green transition are also on the rise, with clean energy investments (solar, wind, nuclear, and hydropower) growing by 10.4% year-on-year [4]. Future Investment Potential - China still has significant investment potential and space for growth, particularly in strengthening the real economy, promoting technological and industrial innovation, and addressing regional development imbalances [5]. - Continued investment is necessary to enhance public services in education, healthcare, housing, and other areas [5]. Foreign Trade Performance - In the first ten months, China's total goods import and export value increased by 3.6%, with exports growing by 6.2% [5]. - Despite challenges such as rising global trade protectionism, China's trade with ASEAN and the EU grew by 9.1% and 4.9%, respectively, outpacing overall trade growth [5]. - Private enterprises' imports and exports rose by 7.2%, significantly higher than the overall growth rate [6].