In the period from January to September 2025, China's fixed-asset investment dropped by 0.5% compared to the previous year. This decline diverged from market expectations, which had anticipated a 0.2% increase, and marked a reversal from the 0.5% growth recorded in the first eight months of the year. The primary factor for this downturn was a sharper contraction in property investment, which fell by 13.9%, a decrease from the 12.9% drop noted in the January–August timeframe. Additionally, growth in infrastructure slowed to 1.1%, down from 2.0%, and manufacturing growth decelerated to 4.0% from 5.1%.
Analyzing by sector, the growth in investment for the primary industry reduced to 4.6% from 5.5%, and for the secondary industry, it decreased to 6.3% from 7.6%. Meanwhile, investment in the tertiary industry continued its decline, dropping by 4.3% compared to a 3.4% decrease previously. When excluding the property sector, fixed-asset investment increased by 3.0% over the January–September period, slowing down from a 4.2% rise in the preceding eight months. On a monthly assessment, fixed-asset investment decreased by 0.07% in September, building on a 0.15% decline in August.
