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A sharp acceleration in infrastructure spending has emerged as a key pillar of China's investment stabilization drive, offsetting a persistent decline in the property sector and helping overall investment return to positive growth in the first quarter, officials and economists said.

随着基础设施建设支出显著提速，我国稳投资格局初显成效。在房地产开发投资持续探底的背景下，基建领域的强劲增长有效对冲了行业下行压力，带动一季度整体固定资产投资重回正增长区间。

The rebound came after authorities vowed late last year to halt the investment downturn, following a 3.8 percent contraction in fixed-asset investment in 2025.

此番回暖发生在此前投资增速持续承压之后。数据显示，2025年全年固定资产投资曾收缩3.8%，有关部门于去年底明确释放了遏制投资下滑的政策信号。

According to the National Bureau of Statistics, fixed-asset investment reached 10.27 trillion yuan ($1.51 trillion) in the first quarter, up 1.7 percent year-on-year. Beneath the headline figure, however, lies a sharp divergence. Infrastructure investment surged 8.9 percent, while property development investment plunged 11.2 percent.

国家统计局最新公布的数据显示，今年一季度，全国固定资产投资达10.27万亿元，同比增长1.7%。尽管总量增长温和，内部结构分化却极为显著：基础设施投资同比大增8.9%，而房地产开发投资则同比下降11.2%。

Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, said that infrastructure investment — the area where the government has the most direct leverage — has ramped up significantly at the start of the year.

东方金诚首席宏观分析师王青指出，基建投资作为政府宏观调控最直接有效的抓手，在开年即展现出强劲的拉升势头。

"The pace of growth in the first quarter exceeded what the market had anticipated," Wang said.

“一季度的实际增速已超出此前市场普遍预期。”王青表示。

China has not disclosed the scale of its infrastructure investment in recent years. However, a report by China Galaxy Securities suggests that the proportion of infrastructure investment within total fixed-asset investment has been rising, estimating it at about 45.3 percent as of end-2023.

近年来官方虽未单独披露基建投资的绝对规模，但据中国银河证券研报测算，基建投资在固投总额中的占比呈逐年抬升趋势，截至2023年底，该比例约为45.3%。

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