China’s fixed-asset investment fell by 3.8% in 2025, worse than market forecasts of a 3% drop. This marked the first annual decline since 1989, dragged mainly by a sharp fall in property investment (-17.2%). Infrastructure investment also dropped by 2.2%, while manufacturing investment saw a modest increase of 0.6%. By industry, investment in the primary industry rose by 2.3% and the secondary industry went up by 2.5%, whereas investment in the tertiary industry contracted by 7.4%. Excluding the property sector, fixed-asset investment was down by 0.5% in 2025. On a monthly basis, fixed-asset investment dropped by 1.1% in December, following a 0.4% fall in November. source: National Bureau of Statistics of China

Fixed Asset Investment in China decreased to -3.80 percent in December from -2.60 percent in November of 2025. Fixed Asset Investment in China averaged 16.17 percent from 1996 until 2025, reaching an all time high of 53.00 percent in February of 2004 and a record low of -24.50 percent in January of 2020. This page provides - China Fixed Asset Investment- actual values, historical data, forecast, chart, statistics, economic calendar and news. China Fixed Asset Investment - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

Fixed Asset Investment in China decreased to -3.80 percent in December from -2.60 percent in November of 2025. Fixed Asset Investment in China is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the China Fixed Asset Investment is projected to trend around 4.00 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-15 02:00 AM
Fixed Asset Investment (YTD) YoY
Nov -2.6% -1.7% -2.3% -2.0%
2026-01-19 02:00 AM
Fixed Asset Investment (YTD) YoY
Dec -3.8% -2.6% -3% -2.8%
2026-03-16 02:00 AM
Fixed Asset Investment (YTD) YoY
Jan-Feb -3.8%

Components Last Previous Unit Reference
Property Investment -17.20 -15.90 percent Dec 2025

Related Last Previous Unit Reference
14-Day Reverse Repo Rate 1.65 1.65 percent Jan 2026
Banks Balance Sheet 4736385.67 4718865.01 CNY Hundred Million Dec 2025
Reserve Requirement Ratio for Large Banks 7.50 7.50 percent Jan 2026
Central Bank Balance Sheet 481591.34 472969.70 CNY Hundred Million Dec 2025
Fixed Asset Investment (YTD) YoY -3.80 -2.60 percent Dec 2025
Foreign Exchange Reserves 3358000.00 3346000.00 USD Million Dec 2025
Interbank Rate 1.58 1.58 percent Feb 2026
Loan Prime Rate 1Y 3.00 3.00 percent Jan 2026
Liquidity Injections Via MLF 900.00 400.00 CNY Billion Dec 2025
Liquidity Injections Via Reverse Repo 75.00 105.50 CNY Billion Feb 2026
Outstanding Loan Growth YoY 6.40 6.40 percent Dec 2025
Loan Prime Rate 5Y 3.50 3.50 percent Jan 2026
Loans To Banks 2693880.32 2684848.02 CNY Hundred Million Dec 2025
Loans to Households 832714.26 833631.03 CNY Hundred Million Dec 2025
Money Supply M0 14126.14 13736.94 CNY Billion Dec 2025
Money Supply M1 115514.65 112886.66 CNY Billion Dec 2025
M2 Money Supply YoY 340294.81 336989.05 CNY Billion Dec 2025
7-Day Reverse Repo Rate 1.40 1.40 percent Jan 2026


China Fixed Asset Investment
In China, urban investment in fixed assets is one of the main measures of capital spending. It refers to investment in construction projects with a total planned investment of 5 million yuan; machinery and equipment and real estate development in both urban and rural areas. It refers to investment made by state-owned enterprises and private businesses, institutions or individuals.
Actual Previous Highest Lowest Dates Unit Frequency
-3.80 -2.60 53.00 -24.50 1996 - 2025 percent Monthly
CMLV, NSA

News Stream
China Fixed Investment Falls 3.8%, Worse than Forecast
China’s fixed-asset investment fell by 3.8% in 2025, worse than market forecasts of a 3% drop. This marked the first annual decline since 1989, dragged mainly by a sharp fall in property investment (-17.2%). Infrastructure investment also dropped by 2.2%, while manufacturing investment saw a modest increase of 0.6%. By industry, investment in the primary industry rose by 2.3% and the secondary industry went up by 2.5%, whereas investment in the tertiary industry contracted by 7.4%. Excluding the property sector, fixed-asset investment was down by 0.5% in 2025. On a monthly basis, fixed-asset investment dropped by 1.1% in December, following a 0.4% fall in November.
2026-01-19
China Fixed Investment Falls More than Expected
China’s fixed-asset investment fell by 2.6% year-on-year in January-November 2025 period, more than market expectations of a 2.3% decrease and following a 1.7% drop in the first ten months. This was the sharpest decline since June 2020, due to continued decreases in property investment (-15.9% vs -14.7% in January-October) and infrastructure (-1.1% vs -0.1%), alongside softer growth in manufacturing (1.9% vs 2.7%). By industry, investment growth slowed in the primary industry (2.7% vs 2.9%) and secondary industry (3.9% vs 4.8%), while investment in the tertiary sector declined further (-6.3% vs -5.3%). Excluding the property sector, fixed-asset investment rose by 0.8%, slowing from a 1.7% increase in the first ten months. On a monthly basis, fixed-asset investment dropped by 1% in November, easing from a 1.5% fall in October.
2025-12-15
China Fixed Investment Drops More than Expected
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.
2025-11-14