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.