China Fixed Asset Investment

Data Macro

Source: National Bureau of Statistics China
Source Link: https://www.stats.gov.cn/
Frequency: Monthly
Next Release(s): September 14th, 2025 9:00 PM

Latest Updates

China’s fixed asset investment rose just 1.6% YoY in Jan–Jul 2025, down from the previous YTD reading of 2.8% YoY and below expectations of a 2.7% YoY increase. On a MoM basis, investment declined -0.63% in July, the largest decline in over a year.
- Private investment was down -1.5% YoY and was offset by an increase of 3.5% YoY in public investment.
- Secondary industry investment increased 8.9% YoY, led by electricity/heat/gas/water (+21.5%) and manufacturing (+6.2%), with strong gains in auto manufacturing (+21.7%), transport equipment (+29.3%), and general equipment (+14.8%).
- Primary industry investment rose 5.6% YoY, while tertiary industry investment fell -2.3% YoY; infrastructure (ex-utilities) rose 3.2% YoY, with water transportation (+18.9%) and water conservancy (+12.6%) notable gainers.
- By region, investment fell in the eastern (-2.4% YoY) and northeast (-3.0%) regions, but rose in the central (+3.2%) and western (+3.6%) regions.
- By registration type, investment from foreign enterprises dropped -15.7% YoY, while Hong Kong, Macao, and Taiwan enterprises rose 3.5% YoY, and domestic enterprises increased 1.7% YoY.
- Equipment and tools purchases surged 15.2% YoY, while building and installation engineering fell -0.8% YoY.
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China’s fixed asset investment rose 2.8% YoY in H1 2025, while private investment declined -0.6% YoY. On a MoM basis, investment fell -0.12% in June. After adjusting for prices, real growth was 5.3% YoY.
- Secondary industry investment rose 10.2% YoY, with manufacturing up 7.5% and electricity-related investment up 22.8%.
- Equipment and tools investment surged 17.3% YoY, while construction and installation work was nearly flat at +0.1%.
- Regional trends were mixed: investment fell in the eastern (-0.8% YoY) and northeast (-1.9%) regions but rose in the central (+3.2%) and western (+4.8%) regions.
- By registration, foreign-invested enterprises saw a sharp -13.6% YoY drop, while investment from Hong Kong, Macao, and Taiwan rose 4.8% YoY.
- Auto manufacturing (+22.2% YoY), transport equipment (+27.3%), and general equipment (+16.6%) led among manufacturing subsectors.
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China’s fixed asset investment rose 3.7% YoY from January to May 2025, while private investment was flat and MoM growth in May slowed to just 0.05%.
- Industrial investment grew 11.6% YoY, driven by utilities (+25.4% YoY), manufacturing (+8.5%), and auto manufacturing (+23.4%).
- Primary industry investment rose 8.4% YoY; tertiary sector investment fell -0.4% YoY despite a 5.6% increase in infrastructure.
- Equipment and tools investment surged 17.3% YoY, while construction and installation work rose just 1.2% YoY.
- Investment in the western (+4.9% YoY) and central (+4.5%) regions outpaced the eastern region (+0.5%).
- Foreign-invested enterprise investment fell -13.4% YoY, while investment from Hong Kong, Macao, and Taiwan firms rose 6.5%.
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China’s fixed asset investment rose 4.0% YoY in April, down slightly from 4.2% YoY in March and below expectations of a 4.2% YoY increase.
- Public investment increased 6.2% YoY while private investment edged up just 0.2% YoY.
- Industrial investment grew 11.7% YoY, with manufacturing up 8.8% YoY and utility investment surging 25.5% YoY.
- Agricultural investment jumped as well, up 13.4% YoY.
- Infrastructure investment rose 5.8% YoY, led by a 30.7% YoY jump in water conservancy and 26.9% YoY in water transportation.
- Equipment and tools investment rose 18.2% YoY, while construction and installation work increased just 1.4% YoY.
- By sector, the primary industry saw the fastest growth at 13.2% YoY; tertiary sector investment was down slightly at -0.2% YoY.
- Investment by foreign firms declined -11.4% YoY, while Hong Kong, Macao, and Taiwan firms increased investment 9.2% YoY.
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China’s fixed asset investment rose 4.2% YoY in Q1 2025, up slightly from 4.1% YoY in the Jan–Feb period and slightly ahead of expectations of a 4.1% YoY increase.
- Public investment increased 6.5% YoY while private investment edged up just 0.4% YoY.
- Industrial investment grew 12.0% YoY, with manufacturing up 9.1% YoY and utility investment surging 26.0% YoY.
- Agricultural investment jumped as well, up 15.8% YoY.
- Infrastructure investment rose 5.8% YoY, led by a 36.8% YoY jump in water conservancy and 25.9% YoY in water transportation.
- Equipment and tools investment rose 19.0% YoY, while construction and installation work increased just 1.5% YoY.
- By sector, the primary industry saw the fastest growth at 16.0% YoY; tertiary sector investment was nearly flat at 0.1% YoY.
- Investment by foreign firms declined -9.5% YoY, while Hong Kong, Macao, and Taiwan firms increased investment 10.8% YoY.
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China national fixed asset investment was up 4.1% YoY in the January-February holiday period, beating expectations of a 3.6% YoY increase and the highest since April 2024.
- State investment was up 7.0% YoY while private investment saw no growth.
- Investment in manufacturing was up 9.0% YoY including a 21.6% YoY increase in general equipment investment and a 27.0% YoY increase in auto manufacturing investment.
- Agricultural investment saw a surge in investment of 14.0% YoY while mining investment was only up 4.7% YoY.
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Chinese national fixed asset investment grew 3.2% YoY in December, slightly lower than November growth and the expected reading of 3.3% YoY. Private investment remains weak, down -0.1% YoY, while state-owned investment is stronger at 5.7% YoY. Manufacturing continues to see a bulk of the investment growth, up 12.0% YoY while services investment is down -1.1% YoY and resource extraction & agricultural investment is up 2.6% YoY.

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National fixed asset investment growth was slightly softer than expected at 3.3% YoY in November vs the 3.4% YoY expected. Monthly, investment was up just 0.1% MoM. Private investment remained negative at -0.4% YoY while state-owned assets were up 6.1% YoY. Notably, foreign-invested firms have seen investment crash by -20.0% YoY in November. The manufacturing sector remains the primary area of investment with an increase of 12.0% YoY in that sector while resource extraction investment increased just 2.4% YoY and service sector investment fell -1.0% YoY.

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