15.12.202502:20:10UTC+00China Fixed Investment Falls More than Expected

Between January and November 2025, China's fixed-asset investment declined by 2.6% compared to the previous year, surpassing market predictions of a 2.3% decrease and following a 1.7% fall over the first ten months. This marks the third consecutive month of decline, the steepest drop since June 2020. The decline is largely attributed to ongoing reductions in property investment, which decreased by 15.9% (compared to a 14.7% decrease from January to October), and a reduction in infrastructure investment, which fell by 1.1% (down from a 0.1% decline). Additionally, manufacturing investment growth slowed, rising by only 1.9%, compared to a 2.7% increase previously. Analyzing by sector, investment slowed in the primary industry, with a growth rate of 2.7% (down from 2.9%), and in the secondary industry, with a 3.9% growth (down from 4.8%). The tertiary industry faced further contraction, declining by 6.3% compared to a previous 5.3% decline. Excluding the property sector, fixed-asset investment experienced a modest rise of 0.8%, slowing from a 1.7% increase observed during the first ten months. On a month-to-month basis, fixed-asset investment decreased by 1% in November, an improvement from the 1.5% decline seen in October.