China’s fixed-asset investment fell 7.2% year-on-year in the January–August 2026 period, in line with market expectations and extending the 6.7% decline recorded in the first seven months of the year. The property sector remained the principal drag, with real estate investment tumbling 19.9% (vs -19.2% in January–July), reflecting subdued housing demand, declining home prices, and ongoing financing pressures on developers.
Investment in infrastructure and manufacturing also weakened, with infrastructure investment down 4% (vs -3.6%) and manufacturing investment declining 2.3% (vs -1.7%). By industry, investment continued to contract across all three major sectors: the primary sector fell 2.4% (vs -0.5%), the secondary sector declined 2.9% (vs -2.1%), and the tertiary sector dropped 9.9% (vs -9.5%).
Excluding the property sector, fixed-asset investment declined 4.2% in the first eight months of the year, following a 3.7% fall over January–July. On a monthly basis, fixed-asset investment edged down 0.5% in August, a moderation from the 1.37% drop registered in July.
