China’s fixed asset investment rose just 1.6% YoY in Jan–Jul 2025, down from the previous YTD reading of 2.8% YoY and below expectations of a 2.7% YoY increase. On a MoM basis, investment declined -0.63% in July, the largest decline in over a year.

• Private investment was down -1.5% YoY and was offset by an increase of 3.5% YoY in public investment.
• Secondary industry investment increased 8.9% YoY, led by electricity/heat/gas/water (+21.5%) and manufacturing (+6.2%), with strong gains in auto manufacturing (+21.7%), transport equipment (+29.3%), and general equipment (+14.8%).
• Primary industry investment rose 5.6% YoY, while tertiary industry investment fell -2.3% YoY; infrastructure (ex-utilities) rose 3.2% YoY, with water transportation (+18.9%) and water conservancy (+12.6%) notable gainers.
• By region, investment fell in the eastern (-2.4% YoY) and northeast (-3.0%) regions, but rose in the central (+3.2%) and western (+3.6%) regions.
• By registration type, investment from foreign enterprises dropped -15.7% YoY, while Hong Kong, Macao, and Taiwan enterprises rose 3.5% YoY, and domestic enterprises increased 1.7% YoY.
• Equipment and tools purchases surged 15.2% YoY, while building and installation engineering fell -0.8% YoY.