China Fixed Asset Investment

China’s fixed-asset investment decreased by 0.5% year-on-year in January–September 2025 period, defying market forecasts of a 0.2% rise and reversing a 0.5% increase in the first eight months. The downturn was due to a sharper decline in property investment (-13.9% vs -12.9% in January–August), along with slower growth in infrastructure (1.1% vs 2.0%) and manufacturing (4.0% vs 5.1%). By industry, investment growth moderated in the primary industry (4.6% vs 5.5%) and secondary industry (6.3% vs 7.6%), while investment in the tertiary industry continued to drop (-4.3% vs -3.4%). Excluding the property sector, fixed-asset investment was up by 3.0% in January–September, easing from a 4.2% increase in the first eight months. On a monthly basis, fixed-asset investment fell by 0.07% in September, following a 0.15% drop in August.