China’s fixed-asset investment rose 3.3 percent year on year in the first 11 months of 2024, official data showed Monday.

The investment totaled 46.5839 trillion yuan (US$6.48 trillion) during the period, the National Bureau of Statistics said in a statement.

Investment in infrastructure construction rose 4.2 percent from a year ago during the January-November period, and manufacturing investment increased 9.3 percent, according to the NBS.

As the country’s pro-growth measures gradually took effect, domestic demand has expanded, boosting industrial production and market confidence, NBS spokesperson Fu Linghui said at a press conference.

“Boosted by policies including the implementation of major national strategies and the building up of security capacity in key areas as well as large-scale equipment upgrades, the country’s investment has stayed generally stable,” Fu said.

Excluding the property sector, the country’s fixed-asset investment climbed 7.4 percent in the first 11 months. Investment in property development fell 10.4 percent during the period.

With the property sector excluded, private investment grew 6.2 percent from January to November, the NBS data showed.

Investment in high-tech industries maintained robust growth, up 8.8 percent year on year. In breakdown, investment in high-tech manufacturing and high-tech services gained 8.2 percent and 10.2 percent, respectively.

The stable investment growth came amid a series of November indicators showing that the country’s economic recovery gained further momentum.

Monday’s data also showed that China’s value-added industrial output expanded 5.4 percent year on year last month, quickening from the 5.3 percent increase in October.