National Bureau of Statistics (NBS): National Fixed Asset Investment Up 0.5% YoY from January to August

Data released by the National Bureau of Statistics (NBS) on September 15 showed that from January to August 2025, national fixed asset investment (excluding rural households) reached 32,611.1 billion yuan, up 0.5% YoY (calculated on a comparable basis, see note 7 for details). Among them, private fixed asset investment decreased by 2.3% YoY. On a MoM basis, fixed asset investment (excluding rural households) in August fell by 0.20%.

From January to August 2025, national fixed asset investment (excluding rural households) totaled 32,611.1 billion yuan, up 0.5% YoY (calculated on a comparable basis, see note 7 for details). Among them, private fixed asset investment decreased by 2.3% YoY. On a MoM basis, fixed asset investment (excluding rural households) in August fell by 0.20%.

By industry, investment in the primary industry was 646.1 billion yuan, up 5.5% YoY; investment in the secondary industry was 11,824.6 billion yuan, up 7.6% YoY; and investment in the tertiary industry was 20,140.4 billion yuan, down 3.4% YoY.

Within the secondary industry, industrial investment increased by 7.7% YoY. Among these, investment in mining grew by 3.0%, investment in manufacturing rose by 5.1%, and investment in the production and supply of electricity, heat, gas, and water surged by 18.8%.

In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 2.0% YoY. Among these, investment in water transport grew by 15.9%, investment in water conservancy management rose by 7.4%, and investment in railway transport increased by 4.5%.

By region, investment in the eastern region decreased by 3.5% YoY, investment in the central region grew by 2.5%, investment in the western region increased by 2.3%, and investment in north-east China fell by 6.0%.

By registration type, fixed asset investment by domestic enterprises increased by 0.5% YoY, that by enterprises from Hong Kong, Macao, and Taiwan grew by 2.3%, and that by foreign enterprises decreased by 15.4%.