Data released on September 15 by the National Bureau of Statistics indicates that from January to August, investment in new quality productive forces continued its strong momentum from the start of the year. Investment related to technological advancement and industrial upgrading accelerated, with key sectors experiencing rapid growth and ongoing optimization of the investment structure.
High-tech industries demonstrated particularly vigorous expansion, with investment in these sectors growing 5.2% year-on-year during the first eight months. This marks an acceleration of 0.2 percentage points compared to the January-July period, contributing 0.5 percentage points to overall investment growth.
High-Tech Manufacturing Powers Ahead
Investment in high-tech manufacturing rose 3.5% year-on-year from January to August, also accelerating by 0.2 percentage points from the previous period. Notable performers included electronic circuit manufacturing, which surged 58.8% with growth accelerating by 1.1 percentage points, and integrated circuit manufacturing, which grew 12.0% with a 0.5 percentage point acceleration. Lithium-ion battery manufacturing investment climbed 20.6%, while electronic specialty materials manufacturing grew 8.5%.
The high-tech services sector fared even better, with investment expanding 8.4% year-on-year. Information services closely tied to emerging industries such as artificial intelligence saw investment jump 22.7%, accelerating by 3.5 percentage points compared to the first seven months.
Intellectual Property Investment Shows Strong Performance
Investment in intellectual property products maintained robust growth, reflecting continued strengthening of science and technology innovation efforts. From January to August, nationwide investment in intellectual property products grew 9.2% year-on-year, 0.1 percentage points faster than the January-July pace. This segment accounted for 15.2% of total investment, up 0.4 percentage points from the same period last year, and contributed 1.2 percentage points to overall investment growth.
Equipment Purchases Accelerate on Policy Support
The effects of the "two new" policies—large-scale equipment renewals and trade-in programs for consumer goods—continued to show results, with equipment purchase investment picking up pace. Investment in equipment and tool purchases grew 9.3% year-on-year in the first eight months, 0.3 percentage points faster than the January-July period. This represented 19.5% of total investment, up 2.9 percentage points from a year earlier, contributing 1.5 percentage points to overall growth.
Infrastructure Investment in Key Areas Expands Rapidly
Infrastructure investment in key areas grew quickly as planning and implementation of the "six networks" projects progressed and major national projects advanced steadily. Internet and related services investment surged 42.0% year-on-year, accelerating by 0.7 percentage points from January to July. Air transport investment grew 16.7%, with growth accelerating by 1.0 percentage point, while water transport investment rose 14.7% and electricity supply investment increased 12.7%.
Industrial Upgrading Fuels Quality-Focused Expansion
Progress in building the modern industrial system accelerated, with traditional industries revitalized through transformation and upgrading, steering industrial investment toward a higher-quality path. Mining investment grew 3.4% year-on-year, contributing 0.2 percentage points to overall industrial investment growth. Equipment manufacturing investment rose 0.9%, adding 0.3 percentage points to total industrial investment. Within this sector, railway, ship, aerospace, and other transport equipment manufacturing investment jumped 16.3%, while computer, communication, and other electronic equipment manufacturing grew 8.1%, accelerating by 0.3 percentage points from the first seven months.
Looking ahead, coordinated efforts will focus on implementing central government policies, improving the efficiency of fiscal spending and bond fund utilization, and deploying new policy-based financial instruments. Priorities include advancing major national projects and the "two new" initiatives, pushing forward the "six networks" project implementation, fostering emerging industries tailored to local conditions, optimizing traditional industries, and deepening the construction of the modern industrial system. By promoting investment in both physical assets and human capital in tandem, the aim is to continuously improve investment structure and efficiency while unlocking the full potential of effective investment.
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