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1. The growth rate of domestic non-government investment is higher than that of investments made by the state economy, the foreign, Hong Kong, Macao and Taiwan investors and the total society; of which, the growth rate of investment made by the joint stock economy is the fastest. 　　Since it adopted the proactive fiscal policy in 1998, China has successively issued treasury bonds in the investment sector to pull the growth of overall demand for investment, which has achieved remarkable results. In 2001, total social investment increased by 13%, which is higher than the growth in the previous two years. Meanwhile, with major beneficiary being the state economy, treasury bonds investment fully reflected the purpose of government non-government investment. Therefore, people have been worrying about the crowding off or weakening of non-government investment. In fact, however, it was only in 1998 that the growth of investment made by the state economy was higher than that of non-government investment and total social investment. During 1999-2001, the respective rates of growth of investments made by the collective, private and other economies were all higher than that of the state economy in general; of which, the growth of investment made by 搣other economies" was over 28% for two consecutive years (see Table 1). Among various types of economies, the joint stock economy achieved the fastest growth in investment. During 1997-2001, it rose from RMB 138.721 billion to RMB 566.349 billion, representing an average annual growth as high as 32.5% in the five-year period. Meanwhile, investment made by the foreign, Hong Kong, Macao and Taiwan investors grew from RMB 289.308 billion to RMB 299.869 billion, representing an annual growth of only 0.7%. 　　The average growth rate of domestic non-government investment is not only higher than that of the state economy, but also higher than that of the total social investment. During 1998-2001, the growth of investment made by the state economy dropped year by year from 17.4%, 3.8%, 3.5% to 6.7%; while that of the total domestic non-government investment rose by 20.4%, 11.8%, 22.7% and 20.3% per annum, giving a sharp contrast to the slowing down growth of state investment. Table 1 Growth of Investment in Fixed Assets of Various Types of Economies in the Whole Society (%) Note: The rates of growth did not deduct the price factors. Data source: China statistics Year Books and calculations based on 2001 data provided by the SSB. 　　2. The proportion of domestic non-government investment is approaching that of the state investment, the proportion of investment made by joint stock economy is growing remarkably, the proportion by investment by foreign, Hong Kong, Macao and Taiwan investors is dropping, while the dependency level of the whole social investment on government direct investment is decreasing 　　In the past few years, the proportion of domestic non-government investment in the total investment of the whole society continuously demonstrated a