According to data from the National Bureau of Statistics (NBS), in the first half of 2025 (H1), nationwide fixed-asset investment (excluding rural households) reached 24,865.4 billion yuan, up 2.8% YoY (calculated on a comparable basis; see Note 7 for details). Among this, private fixed-asset investment decreased by 0.6% YoY. After adjusting for price factors, fixed-asset investment (excluding rural households) increased by 5.3% YoY. On a MoM basis, fixed-asset investment (excluding rural households) decreased by 0.12% in June.
By sector, investment in the primary sector was 481.6 billion yuan, up 6.5% YoY; investment in the secondary sector was 8,829.4 billion yuan, increasing by 10.2% YoY; and investment in the tertiary sector was 15,554.3 billion yuan, decreasing by 1.1% YoY.
Within the secondary sector, industrial investment increased by 10.3% YoY. Among this, investment in mining increased by 3.4% YoY, investment in manufacturing increased by 7.5% YoY, and investment in the production and supply of electricity, heat, gas, and water increased by 22.8% YoY.
Within the tertiary sector, infrastructure investment (excluding the production and supply of electricity, heat, gas, and water) increased by 4.6% YoY. Among this, investment in water transportation increased by 21.8% YoY, investment in water conservancy management increased by 15.4% YoY, and investment in railway transportation increased by 4.2% YoY.
By region, investment in the eastern region decreased by 0.8% YoY, investment in the central region increased by 3.2% YoY, investment in the western region increased by 4.8% YoY, and investment in north-east China decreased by 1.9% YoY.
By registration type, fixed-asset investment by domestically funded enterprises increased by 2.8% YoY, fixed-asset investment by enterprises from Hong Kong, Macao, and Taiwan increased by 4.8% YoY, and fixed-asset investment by foreign-funded enterprises decreased by 13.6% YoY.
