China's private investment maintains steady, sustained growth

BEIJING - China's private investment has kept growing at steady and sustained pace this year, a senior official said Saturday.

Private investment plays a critical part in Chinese economy, Zhang Yong, deputy head of the National Development and Reform Commission, said at a press conference on the sidelines of the 19th National Congress of the Communist Party of China (CPC).

The growth cooled down last year after the country's total fixed-asset investment lost steam and the property and manufacturing sectors underwent a difficult time, he said.

Despite the hardships, private investment increased 6 percent in the first nine months this year, 3.5 percentage points higher than the same period a year ago.

Private investment growth has anchored from last year's weakness, he said.