Fixed-asset investment rose 25.8% in the first five months, up from 25.4% in the January to April period.

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Exports have held up well, fixed-asset investment and retail sales have been strong and credit growth has accelerated.

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China's Shanghai Composite Index lost 0.2% after news that industrial production for April and urban fixed-asset investment for the January-to-April period didn't rise as much as expected.

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Industrial output in December rose 10.3 percent from the fourth quarter of 2011, while 2012 non-rural fixed-asset investment climbed 20.6 percent year-over-year, all in line with market expectations.

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Asked about the emergence of ghost towns across China and the risks of excessive, and unnecessary, infrastructure development via fixed-asset investment, Guthrie chose to focus on demographic trends.

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Industrial production, retail sales and fixed-asset investment were all up in November, while new home prices rose in 53 out of 70 major cities in China in November, from the previous month.

BBC: A worker at a factory in China

The year-to-date fixed asset investment (FAI) growth an important gauge of the Chinese government spending came in stronger than expected, rising 21.5% year-over-year.

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Andy notes in his most recent report that value-added for larger industrial firms and fixed asset investment rose at a pace consistent with 8 to 8.5 percent GDP growth.

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While Credit Suisse says FAI growth was boosted by government investment stimulus, CLSA also notes that fixed asset investment and capital spending by private firms has been rising faster than state-owned firms for 30 of the last 31 months.

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