China's fixed-asset investment fell 7.2% year-on-year in the first eight months, although total investment approached 30 trillion yuan and spending continued shifting toward technology, industrial upgrading and modern infrastructure. Wang Guanhua, spokesperson for the National Bureau of Statistics and deputy director of the Department of Comprehensive Statistics of the National Economy, said at a State Council Information Office press conference on September 15 that investment quality and structure were improving despite weaker overall growth. Intellectual property product investment rose 9.2%, high-tech industry investment increased 5.2%, and internet and related services investment tied to the Six Networks initiative jumped 42%. By contrast, infrastructure investment declined 4.0%, manufacturing investment fell 2.3%, real estate development investment dropped 19.9% and private investment decreased 10.1%. Officials cited extreme weather, external uncertainty and the domestic transition between old and new growth drivers as factors weighing on construction and corporate investment decisions. Policy efforts are being intensified through major project coordination, faster use of government bond funds and measures to attract private capital. The National Development and Reform Commission recently promoted 36 projects worth an estimated 61.4 billion yuan, including 15.6 billion yuan intended to attract private investment. Wang Qing, chief macro analyst at Golden Credit Rating, said faster fiscal spending and implementation of an 800 billion yuan new-type policy financial instrument could accelerate major infrastructure construction and turn infrastructure investment growth positive in the latter part of the year.