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     BEIJING (MNI) - Here are the key points from the National Development and
Reform Commission's "stable" outlook on investment in 2019:
     - Investment in manufacturing and housing may remain "relatively fast
growth." Total fixed-asset investment is expected to be stable, and investment
in high-end manufacturing and modern services will be the main driver. 
     - Infrastructure investment will improve moderately. The number of
infrastructure projects approved in 2018 gained 5.3% y/y. This will underpin a
moderate growth in actual investment this year, as it usually takes a year for
the projects to kick off. Shrinking financing channels faced by local
governments may limit growth.
     - The number of proposed real estate projects in 2018 increased by 32.8%
y/y. This will support a fast growth in property investment in Q1. The number of
new housing starts may fall, the commission said.
     - The number of manufacturing projects approved last year rose by 24% y/y.
Manufacturing investment may be limited in 1H by declining profit growth,
sluggish demand and falling product prices.
     - Investment may be strong in advanced manufacturing, public services and
resource conservancy projects.
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86 10 8532 5998; email:
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