China's private investment growth continues to slow

BEIJING - China's fixed-asset investment by the private sector increased 2.1 percent in the first seven months, down from 2.8 percent in the first half and 5.7 percent in the first quarter, official data showed Friday.

Private investment rose to 19.15 trillion yuan (about $2.88 trillion) in the first seven months, accounting for 61.4 percent of the country's fixed-asset investment, according to the National Bureau of Statistics (NBS).

Some analysts attributed the decline in private investment this year to the slowdown in export manufacturing and the deterioration in business confidence over the past few years.

The private sector is a key pillar to support China's economic growth, generating about 60 percent of China's GDP and around 80 percent of jobs.