China's fixed-asset investment levels in May indicate robust construction activity

China's fixed-asset and government investment increased in May as construction activity accelerated, outpacing other sectors and bolstering regional economies, official data showed.

The national excavator index -- a key indicator of construction activity -- stood at around 47.34 percent in May, according to the State Information Center.

Around 60 percent of projects in northeast China were underway, with workload rising 3.5 percent year on year and 17 percent month on month, reflecting strong investment in infrastructure and industrial development.

"In the first four months of this year, national fixed-asset investment grew by 4 percent and the northeastern region saw a 7.6-percent increase in fixed-asset investment, far outpacing other areas. This demonstrates the region's growing competitiveness and appeal, driven by industrial restructuring and upgrading, providing solid support for regional economic vitality and high-quality development," said Shen Chunfeng, an expert on the excavator index with Rootcloud, an industrial Internet enterprise.

Beyond project construction, government investment has also ramped up.

The State Information Center's bidding activity index shows that newly awarded contract values in May shot up 21.5 percent year on year, up 9.2 percentage points from April and marking the fastest growth rate this year.

Key sectors such as healthcare, municipal facilities, energy and chemicals, and transportation engineering saw particularly rapid expansion.

Zhang Linshan, a researcher at the China Academy of Macroeconomic Research, noted that in the same month, the country laid the groundwork for further crucial investments. "In May, China entered a phase of intensive issuance of ultra-long special government bonds, providing stronger funding support for major projects. This will accelerate the formation of physical workloads, further reinforcing investment's role in stabilizing growth and optimizing structure, injecting powerful momentum into high-quality economic development," he said.

China's fixed-asset investment levels in May indicate robust construction activity

South China's Guangxi Zhuang Autonomous Region saw a year-on-year growth of 10 percent in trade with countries of the Association of Southeast Asian Nations (ASEAN) from January to November this year, according to Nanning Customs.

In the first 11 months of 2025, Guangxi's imports and exports with ASEAN members reached 384.22 billion yuan (about 54.46 billion U.S. dollars), accounting for 52.9 percent of the provincial-level region's total foreign trade during this period, said the authority.

Among them, Vietnam remained Guangxi's largest trading partner in the ASEAN region, with trade growing by 7.1 percent. The growth rates with Indonesia and Singapore were also remarkable, standing at 51.7 percent and 62.7 percent respectively.

During the same period, Guangxi imported and exported a total of 726.54 billion yuan worth of goods, increasing by 9.5 percent year on year, the customs data showed.

South China's Guangxi sees 10-pct growth in trade with ASEAN in Jan-Nov period