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%).