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.