National Bureau of Statistics (NBS): National fixed-asset investment grew by 3.7% from January to May

According to data from the National Bureau of Statistics (NBS), from January to May 2025, nationwide fixed-asset investment (excluding rural households) reached 19,194.7 billion yuan, up 3.7% YoY.

From January to May 2025, nationwide fixed-asset investment increased by 3.7% YoY.

From January to May 2025, nationwide fixed-asset investment (excluding rural households) amounted to 19,194.7 billion yuan, up 3.7% YoY (calculated on a comparable basis; see Note 7 for details). Among this, private fixed-asset investment remained flat YoY. On a MoM basis, fixed-asset investment (excluding rural households) increased by 0.05% in May.

By sector, investment in the primary sector was 384.7 billion yuan, up 8.4% YoY; investment in the secondary sector was 6,799.6 billion yuan, up 11.4% YoY; and investment in the tertiary sector was 12,010.4 billion yuan, down 0.4% YoY.

Within the secondary sector, industrial investment increased by 11.6% YoY. Specifically, investment in the mining sector increased by 5.8% YoY, investment in the manufacturing sector increased by 8.5% YoY, and investment in the electricity, heat, gas, and water production and supply sectors increased by 25.4% YoY.

Within the tertiary sector, infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 5.6% YoY. Specifically, investment in water transportation increased by 27.2% YoY, investment in water conservancy management increased by 26.6% YoY, and investment in air transportation increased by 4.7% YoY.

By region, investment in the eastern region increased by 0.5% YoY, investment in the central region increased by 4.5% YoY, investment in the western region increased by 4.9% YoY, and investment in north-east China increased by 2.1% YoY.

By registration type, fixed-asset investment by domestically funded enterprises increased by 3.7% YoY, fixed-asset investment by enterprises from Hong Kong, Macao, and Taiwan increased by 6.5% YoY, and fixed-asset investment by foreign-funded enterprises decreased by 13.4% YoY.