China Fixed Asset Investment

China’s fixed-asset investment dropped by 1.7% year-on-year in January-October 2025 period, exceeding market forecasts of a 0.8% decline and slipping further from a 0.5% fall in the first nine months. The latest figure marked the second consecutive month of decline and the steepest since June 2020, driven by a faster decrease in property investment (-14.7% vs -13.9% in January-September), a decline in infrastructure (-0.1% vs 1.1%), and slower growth in manufacturing (2.7% vs 4%). By industry, investment growth moderated in the primary industry (2.9% vs 4.6%) and secondary industry (4.8% vs 6.3%), while investment in the tertiary industry dropped further (-5.3% vs -4.3%). Excluding the property sector, fixed-asset investment was up by 1.7% in January-October, easing from a 3% increase in the first nine months. On a monthly basis, fixed-asset investment fell by 1.62% in October, deepening from a 0.07% loss in September.