Beijing: Fixed-asset investment in China's electronics and information technology sector reached nearly USD 9 billion during the first eight months of this year, soaring 67.7 per cent year-on-year. According to the Ministry of Industry and Information Technology (MIIT), the investment upsurge was driven by local governments' efforts to develop the country's strategic emerging industries.
Fixed-asset investments in the sector totalled 56.02 billion yuan (USD 8.76 billion) between January and August, Xinhua reported.
Fixed assets include buildings, real estate and equipment and investments into them indicate growth and expansion of the industry to which funds are directed. MIIT said the sector's growth rate during January-August was more than double that of the same period last year.
In August alone, fixed-asset investment in the sector increased 70.8 per cent, year-on-year, reaching 79.55 billion yuan. The growth was 5.6 percentage points higher than that of July.
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