Starting in 2012,China's invest-ment rate began a gradual downward trend.Judging from the experience of changes in investment rates in major East Asian economies,the decline in China's investment rate is in line with the general pattern of economic development.From the trend of changes in fixed assets investment structure the United States,technological progress has played an important role in the changes investment composi-tion.Accompanied by technological progress and industrial structure upgrading,investment in intel-lectual property products and investment in high-tech industries have become increasingly important.The upgrading of consumption and the ageing of the population have led to accelerated growth in invest-ment in education and medical care.In the new stage of development,it is necessary to promote the transformation of investment growth,enhance in-vestment efficiency and continue to strengthen the key role of investment in optimizing the supply structure.