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.