China has been ramping up domestic investment since the start of this year, giving a strong boost to high-quality economic growth, showed the latest official data.
In September, the amount of infrastructure investment, manufacturing investment, and private investment all grew at a faster pace than the previous month, contributing to an ongoing increase in national fixed-asset investments, according to the National Bureau of Statistics.
In terms of structural improvement, key industries have seen rapid investment growth. In the first three quarters, investment in the manufacturing sector rose by 9.2 percent year-on-year, out-pacing overall investment growth by 5.8 percentage points. Specifically, investment in manufacturing technology upgrades increased by 9.5 percent, pointing to ongoing industrial transformation.
With enhanced support for scientific and technological innovation, investment in high-tech industries have maintained double-digit growth for seven consecutive months, particularly in aerospace and telecommunication sectors.
Analysts said the increase in both investment quantity and quality arises from effective policies. With the advancement of large-scale equipment updates and trade-in of consumer goods, investment in the purchase of equipment and tools surged 16.4 percent year on year in the first three quarters, contributing more than 61 percent to overall investment growth.
Major project investment has played an increasingly important role, the number of projects with planned investments of 100 million yuan (about 14 million U.S. dollars) or above rose 7.1 percent year on year, driving the growth of total investment by 3.9 percentage points, showing the stimulating and multiplier effects of government investment.
China's expanding investments continue to drive high-quality economic growth
U.S. stocks finished mixed on Wednesday as global oil futures continued their upward trajectory, overshadowing a highly anticipated inflation report.
The Dow Jones Industrial Average fell 0.61 percent to 47,417.27. The S and P 500 sank 0.08 percent to 6,775.8. The Nasdaq Composite Index increased 0.08 percent to 22,716.14.
Eight of the 11 primary S and P 500 sectors ended in red, with consumer staples and real estate leading the laggards by dropping 1.29 percent and 1.12 percent, respectively. Meanwhile, energy and technology led the gainers by adding 2.48 percent and 0.35 percent, respectively.
West Texas Intermediate crude futures climbed 4.55 percent on Wednesday despite major intervention efforts from the International Energy Agency. The agency announced its members would release 400 million barrels of oil from reserves, marking its largest-ever strategic release, in a direct attempt to mitigate the severe supply disruptions triggered by the ongoing conflict.
On the economic front, the consumer price index (CPI) in the United States increased by a seasonally adjusted 0.3 percent for the month, bringing the 12-month inflation rate to 2.4 percent, according to data the U.S. Bureau of Labor Statistics released Wednesday. Both figures matched the prevailing consensus forecast. The core CPI, which excludes volatile food and energy prices, posted a 0.2 percent monthly gain and a 2.5 percent annual rate, also in line with economists' estimates.
Meanwhile, the U.S. Treasury Department reported Wednesday that the federal budget deficit surpassed 1 trillion U.S. dollars for the fiscal year through February. However, the data indicated that the figure was sharply lower when compared to the same period a year earlier.
In corporate news, Oracle emerged as a notable bright spot amid the broader market decline, jumping 9.18 percent after the software vendor reported fiscal third-quarter earnings and revenue that exceeded analyst projections. Conversely, Campbell's Company shares slumped 7.05 percent after the food manufacturer reported weaker-than-expected fiscal second-quarter results and subsequently lowered its full-year outlook, citing persistent weakness within its snacks division.
U.S. stocks close mixed amid rising oil prices, in-line inflation data
