China Fixed Investment Rebounds

2026-03-16 02:18 By Judith Sib-at 1 min. read

China’s fixed-asset investment increased by 1.8% in the January-February 2026 period, defying market expectations of a 0.4% fall.

This followed a 3.8% drop in 2025, which marked the first annual decline since 1989 amid a sharp property downturn and tighter restrictions on local government borrowing.

In the first two months of the year, infrastructure investment grew by 11.4% and manufacturing investment rose by 3.1%, more than offsetting an 11.1% drop in property investment.

By industry, investment in the primary industry surged by 17.4% and the secondary industry increased by 5.4%, while investment in the tertiary industry decreased by 0.4%.

Excluding the property sector, fixed-asset investment climbed by 5.2% in the January-February period.

On a monthly basis, fixed-asset investment rose by 0.4% in February, marking the second consecutive month of growth, although slowing from a 1.3% increase in January.



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China Fixed Investment Rebounds
China’s fixed-asset investment increased by 1.8% in the January-February 2026 period, defying market expectations of a 0.4% fall. This followed a 3.8% drop in 2025, which marked the first annual decline since 1989 amid a sharp property downturn and tighter restrictions on local government borrowing. In the first two months of the year, infrastructure investment grew by 11.4% and manufacturing investment rose by 3.1%, more than offsetting an 11.1% drop in property investment. By industry, investment in the primary industry surged by 17.4% and the secondary industry increased by 5.4%, while investment in the tertiary industry decreased by 0.4%. Excluding the property sector, fixed-asset investment climbed by 5.2% in the January-February period. On a monthly basis, fixed-asset investment rose by 0.4% in February, marking the second consecutive month of growth, although slowing from a 1.3% increase in January.
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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.
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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.
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