In the first month of 2019, infrastructure investment projects approved by the National Development and Reform Commission exceeded a total value of 500 billion yuan (US$74.44 billion), involving intercity railways, rail transit and airports, Securities Daily reported.

It is expected that the growth rate of infrastructure investment in January will continue to rebound to 5% from 3.8% at the end of last year, becoming the main force to prop up the economy amid the downward pressure, said Wang Jingwen, an analyst at the research institute of China Minsheng Bank.

The early issuance of local government bonds and the increase in the scale of local government special bonds will become the main sources of funds for infrastructure investment,  Wang added.

For real estate investment, Wang believes that the slowdown in property sales will be gradually transmitted to the investment side. Real estate developers will significantly reduce the investment, as they will face greater pressure for funds.

It is expected that the growth rate of real estate investment will fall back to 9.0% in January, Wang said.

For the overall fix-asset investment, Wang estimated that it will fall to around 5.7% in January from 5.9% at the end of 2018.