Fixed asset investment boosts economic growth in Shanxi


Updated: 2022-02-21

Fixed asset investment generated strong impetus for economic growth in North China's Shanxi province, with data released by the Shanxi Statistics Bureau showing that last year this class of investment increased 8.7 percent year-on-year – 3.8 percentage points higher than the national average.

The figures showed that the province saw continued expansion of effective investment, optimization of its investment structure and an enhancement of investment vitality over the past year. 

Shanxi presided over 527 projects in 2021 that each had funding of over 1 billion yuan ($157.95 million) – 58 more than 2020 – and these projects contributed 27.1 percent to total fixed asset investment.

Investment in the primary, secondary and tertiary sector of the economy increased 33.4 percent, 5.1 percent and 9 percent year-on-year, respectively. The proportion of the three sectors to total fixed asset investment changed from 4.9:38.0:57.1 in 2020 to 6.1:36.7:57.2 in 2021.

Meanwhile, the optimization of the investment structure was also said to have been reflected in the region's supply structure.

In 2021, combined investment in agriculture, forestry, animal husbandry and the fishery sector grew 30 percent year-on-year. Manufacturing investment grew 24.5 percent – 11 percentage points higher than the national average and accounting for 20.1 percent of the province's total fixed asset investment.

Elsewhere, private fixed asset investment got a boost, with a year-on-year increase of 10.1 percent.

Plans are for Shanxi in the current year to sustain the development of high-end technical equipment manufacturing. It will continue to transform traditional industries into emerging industries, promote advanced manufacturing and bolster economic development with high-quality investment.