【每周经济观察】当以质量标尺看待投资放缓

Core Viewpoint - The fixed asset investment in China has shown a significant slowdown in 2023, with a year-on-year decline of 1.7% in the first ten months, and a rare drop of -11.2% in October, leading to concerns about economic deflation and crisis [2] Investment Trends - The high investment rate has been a challenge for China's economic growth model, contributing to structural supply-demand imbalances [2] - The slowdown in investment growth is a manifestation of new issues such as decelerating urbanization and declining infrastructure demand [2] - Real estate investment has been the largest drag on fixed asset investment, with a 14.7% year-on-year decline in the first ten months, pulling down overall investment growth by 3 percentage points [2] Sector Performance - Excluding real estate, actual project investment grew by 1.7%, indicating some resilience in other sectors [2] - Manufacturing investment increased by 2.7% year-on-year, accounting for 25.6% of total investment, reflecting a shift towards high-quality development [3] - High-end manufacturing and green transition sectors are experiencing rapid investment growth, showcasing a transition from scale-based to efficiency-based investment [3] Government Policy and Investment Strategy - The government is focusing on optimizing public investment efficiency and expanding effective investment through various financial tools [4] - There is an emphasis on increasing support for "two new" constructions and enhancing policy implementation effectiveness [5] - The government aims to stimulate private investment by improving mechanisms for private sector participation in major projects and encouraging high-value-added activities to return to China [5]