China’s fixed-asset investment down 3.8% in 2025, expansion continues in emerging sectors

Xinhua |
January 19, 2026

Share:

China’s fixed-asset investment went down 3.8 percent year on year in 2025, data from the National Bureau of Statistics (NBS) showed Monday.

The investment in fixed assets reached 48.5 trillion yuan (about 6.9 trillion U.S. dollars) last year, according to the NBS.

The decrease was mainly driven by weak real estate investment. Excluding the property sector, fixed-asset investment decreased 0.5 percent year on year in 2025, according to the NBS.

Despite the overall decrease, sustained investment and expansion continued in emerging sectors, including high-end equipment, green energy and intelligent manufacturing.

Last year, investment in the manufacturing sector rose by 0.6 percent year on year, infrastructure investment decreased by 2.2 percent, while investment in real estate development declined by 17.2 percent.

Specifically, investment in the primary industry rose 2.3 percent year on year, that in the secondary industry rose 2.5 percent, and that in the tertiary industry fell 7.4 percent.

Among high-tech industries, investment in information services grew by 28.4 percent year on year, while investment in aerospace vehicle and equipment manufacturing rose 16.9 percent.

In December 2025, investment in fixed assets declined 1.13 percent month on month, according to the NBS.

Private investment decreased 6.4 percent year on year in 2025, the NBS data showed.

Monday’s data also showed that China’s floor space in new commercial housing sales reached 881.01 million square meters in 2025, down 8.7 percent year on year, and the sales value of new commercial housing amounted to 8.39 trillion yuan, down 12.6 percent.

In 2025, China’s investment in equipment and tools increased by 11.8 percent year on year, contributing 1.8 percentage points to overall investment growth, Kang Yi, head of the NBS, told a press conference.

With regard to policy support, the State Council executive meeting has deployed a comprehensive package of fiscal and financial measures to jointly promote domestic demand, according to Kang. Relevant departments are accelerating implementation to advance the expansion of domestic demand.

Policy support for a new round of large-scale equipment upgrades and consumer goods trade-in programs is being continuously optimized, and the initial batch of funds has been allocated in advance, all of which have created favorable conditions for this year’s economic development, Kang said.

Fixed-asset investment includes capital spent on infrastructure, property, machinery and other physical assets.