China Fixed Asset Investment

China’s fixed-asset investment increased by 1.6% year-on-year in January–July 2025 period, much less than market expectations of a 2.7% rise, compared to the 2.8% growth in the first six months. The contraction in property investment worsened, slumping 12%. Investment growth also eased in infrastructure (3.2% vs 4.6% in January–June) and manufacturing (6.2% vs 7.5%). By industry, investment rose at slower pace in the primary industry (5.6% vs 6.5%) and the secondary industry (8.9% vs 10.2%), while investment in the tertiary industry continued to fall (-2.3% vs -1.1%). Excluding the property sector, fixed-asset investment grew by 5.3% in January–July, following a 5.1% increase in the first six months. On a monthly basis, fixed-asset investment dropped by 0.6% in July, reversing a 0.1% gain in June.