China’s fixed asset investment fell -1.13% MoM in December and declined -3.8% YoY (vs-3.0% YoY expected) in 2025, signaling broad investment contraction led by services and private-sector weakness.

• Fixed asset investment declined on a monthly basis in every month in 2025 with four months seeing declines of -1% MoM or worse (including December).
• Total fixed asset investment (excluding rural households) was CNY 485,186bn in 2025 (-3.8% YoY), with private fixed asset investment down -6.4% YoY, indicating a sharper pullback from private-sector capital.
• Investment by sector was divergent, with primary industry investment up +2.3% YoY (CNY 957bn) and secondary industry up +2.5% YoY (CNY 177,368bn), while tertiary industry investment fell -7.4% YoY (CNY 298,248bn), pointing to concentrated weakness in services-related investment.
• Industrial investment rose +2.6% YoY within the secondary sector, supported by utilities investment (electricity/heat/gas/water) up +9.1% YoY, while mining rose +2.5% and manufacturing increased only +0.6%, suggesting limited manufacturing investment momentum outside utilities.
• Infrastructure investment excluding utilities declined -2.2% YoY, though select segments posted large gains including pipeline transportation (+36.0% YoY), multimodal transport/transportation agency (+22.9%), and water transport (+7.7%), indicating uneven infrastructure activity by subsector.
• All regions contracted in 2025, led by the northeast (-15.5% YoY) and eastern region (-8.4%), with smaller declines in the central (-2.7%) and western (-1.3%) regions, showing geographically broad weakness but more severe declines in the northeast and coast.
• Investment performance differed sharply by enterprise type, with domestic enterprise investment down -3.8% YoY, Hong Kong/Macao/Taiwan enterprises down -2.2%, and foreign-invested enterprises down -13.8%, pointing to a particularly steep contraction in foreign investment.
• The composition of investment shifted toward equipment, as building and installation fell -8.4% YoY while purchases of equipment and tools rose +11.8% YoY, implying capital spending leaned more toward machinery than construction activity.
• Within manufacturing, performance varied widely, with auto manufacturing investment up +11.7% YoY and transport equipment (railway/ship/aerospace) up +17.5%, while chemical raw materials fell -8.0% and pharmaceuticals declined -13.5%, highlighting uneven investment priorities within industry.

China’s fixed asset investment fell -1.03% MoM in November and -2.6% YoY (vs -2.3% YoY expected) in Jan–Nov 2025, reflecting continued investment contraction led by private and service-sector weakness.

• Investment has declined in each month this year except for January and has declined by more than -1% in each month since June.

• Total fixed asset investment (excluding rural households) reached ¥444.0T (-2.6% YoY), with private investment down -5.3% YoY, underscoring weaker private-sector participation.

• By sector, primary industry investment rose +2.7% YoY, secondary industry increased +3.9% YoY, and tertiary industry declined -6.3% YoY, highlighting a clear divergence between industrial strength and services-related investment.

• Within the secondary sector, industrial investment grew +4.0% YoY, driven by utilities investment (+10.7% YoY), mining (+4.0%), and modest manufacturing gains (+1.9%).

• Infrastructure investment excluding utilities fell -1.1% YoY, with pipeline transportation (+16.8% YoY), water transport (+8.9%), and railways (+2.7%) offset by weakness in road transport (-4.7%).

• Regionally, investment declined across all areas, led by the northeast (-14.0% YoY) and east (-6.6%), while the west (-0.2%) was relatively resilient.

• By ownership, state-owned holdings decreased -1.1% YoY compared with a steeper -5.3% YoY drop in private investment, indicating heavier reliance on public-sector capital.

• By composition, building and installation investment fell -6.4% YoY, while equipment and tools purchases rose +12.2% YoY, pointing to a shift toward machinery and capital upgrades.

• Foreign-invested enterprise investment dropped -14.1% YoY, far exceeding declines in domestic (-2.6%) and Hong Kong, Macao, and Taiwan-invested firms (-2.2%).

China’s fixed asset investment (FAI) fell -1.62% MoM in October and -1.7% YoY in Jan–Oct 2025, reflecting continued weakness in private investment and broad softness in services-related activity.

• Private FAI declined -4.5% YoY, while state-owned holdings were roughly flat (+0.1% YoY), showing the sector’s increasing reliance on public-sector support.

• By sector, primary industry investment rose +2.9% YoY, secondary industry investment increased +4.8% YoY, and tertiary industry investment fell -5.3% YoY, marking a clear divergence between industrial strength and service-sector contraction.

• Within the secondary sector, investment in electricity, heat, gas, and water supply rose +12.5% YoY, mining increased +3.8% YoY, and manufacturing grew +2.7% YoY, highlighting strong utilities investment and modest industrial gains.

• Infrastructure investment (excluding utilities) dipped -0.1% YoY, with pipeline transportation (+13.8% YoY), water transport (+9.4% YoY), and railways (+3.0% YoY) outperforming, while road transport fell -4.3% YoY.

• By region, FAI contracted in the east (-5.4% YoY), central (-0.5% YoY), and northeast (-11.7% YoY), while edging up in the west (+0.4% YoY), indicating uneven investment activity across provinces.

• By registration type, foreign-invested enterprise FAI dropped -12.1% YoY, much steeper than declines for domestic (-1.7% YoY) and Hong Kong/Macau/Taiwan firms (-1.8% YoY), showing sharper pullback from external investors.

• By composition, building and installation investment fell -5.4% YoY, while equipment and tools purchases rose +13.0% YoY, suggesting a shift toward machinery and capital upgrades over construction.

China’s fixed asset investment (FAI) fell -0.07% MoM in September and -0.5% YoY in Jan–Sep 2025, reflecting persistent weakness in private investment and services activity despite moderate growth in manufacturing and utilities.

• Private FAI declined -3.1% YoY, while state-owned holdings rose +1.0%, indicating continued reliance on public-sector support.

• By industry, primary investment grew +4.6% YoY, secondary investment rose +6.3%, and tertiary investment fell -4.3%, showing a widening divergence between industrial and service sectors.

• Within the secondary sector, electricity, heat, gas, and water supply investment increased +15.3% YoY, while manufacturing grew +4.0% and mining +3.7%.

• Among manufacturing subsectors, transport equipment posted strong gains: autos +19.2% and rail/ship/aerospace +22.3%; in contrast, pharmaceuticals (-9.9%) and electrical machinery (-9.5%) contracted sharply.

• Infrastructure (ex-utilities) rose +1.1% YoY, led by water transport (+12.8%), rail (+4.2%), and water conservancy (+3.0%), while road transport declined -2.7%.

• By region, FAI fell in the east (-4.5%) and northeast (-8.4%) but rose in the central (+1.5%) and western (+1.5%) regions.

• By registration, domestic enterprise investment dipped -0.6% YoY, Hong Kong/Macau/Taiwan investment edged down -0.3%, and foreign-invested enterprise investment fell sharply (-12.6%).

• By composition, building and installation investment dropped -4.1% YoY, while equipment and tools purchases surged +14.0%, underscoring a shift toward machinery and capital upgrades.

China’s fixed asset investment fell -0.2% MoM (3rd straight monthly decline) but was still up just +0.5% YoY in Jan–Aug 2025, slowing from earlier in the year, while MoM investment declined -0.20% in August, reflecting persistent weakness in private and tertiary sector activity.

• Private investment fell -2.3% YoY, while state-owned investment rose +2.3%, highlighting reliance on public-led projects.

• By industry, primary investment increased +5.5% YoY, secondary investment +7.6% YoY, and tertiary investment declined -3.4% YoY.

• Manufacturing investment grew +5.1% YoY, with strong gains in autos (+20.2%), transport equipment (+26.2%), and general equipment (+13.7%), while pharma (-8.5%) and electrical machinery (-8.8%) contracted.

• Utilities investment (electricity/heat/gas/water) surged +18.8% YoY, underscoring heavy infrastructure-driven growth.

• Infrastructure (ex-utilities) rose +2.0% YoY, with water transport (+15.9%) and water conservancy (+7.4%) supporting activity, while road transport fell -3.3%.

• By region, investment declined in the eastern (-3.5% YoY) and northeast (-6.0% YoY) regions but rose in central (+2.5% YoY) and western (+2.3% YoY) areas.

• By registration, foreign-invested enterprises saw sharp declines (-15.4% YoY), contrasting with modest gains for domestic (+0.5% YoY) and Hong Kong/Macau/Taiwan enterprises (+2.3% YoY).

• By composition, building and installation works fell -2.2% YoY, while equipment and tools purchases surged +14.4% YoY, suggesting investment is shifting toward machinery and upgrades rather than construction.

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.

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.

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%.

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.