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%.