Investment in Fixed Assets from January to March 2025

2025-04-17 10:00 Print| Large| Medium| Small

From January to March, the investment in fixed assets (excluding rural households) nationwide was 10,317.4 billion yuan, up by 4.2 percent year on year (calculated on a comparable basis, see Annotation 7 for details), with a growth rate of 0.1 percentage points faster than that from January to February. Among them, the investment in non-governmental investment in fixed assets increased by 0.4 percent, with a growth rate up by 0.4 percentage points. On a month-on-month basis, the investment in fixed assets (excluding rural households) increased by 0.15 percent in March.

From the perspective of industries, the investment in the primary industry was 208.1 billion yuan, up by 16.0 percent year on year; that in the secondary industry was 3,614.1 billion yuan, up by 11.9 percent; and that in the tertiary industry was 6,495.2 billion yuan, up by 0.1 percent.

In the secondary industry, the industrial investment increased by 12.0 percent year on year. Among them, the investment in the mining industry increased by 5.6 percent, that in the manufacturing industry increased by 9.1 percent, and that in the production and supply of electricity, heat power, gas and water increased by 26.0 percent.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, heat power, gas and water) increased by 5.8 percent year on year. Among them, the investment in management of water conservancy increased by 36.8 percent, that in waterway transport increased by 25.9 percent, and that in railway transport increased by 0.5 percent.

In terms of regions, the investment in the eastern region increased by 2.2 percent year on year, that in the central region increased by 5.5 percent, that in the western region increased by 6.2 percent, and that in the northeastern region increased by 9.7 percent.

In terms of status of registration, the investment in the fixed assets of domestic invested enterprises increased by 4.0 percent year on year, that of enterprises with investment from Hong Kong, Macao, and Taiwan increased by 10.8 percent, and that of foreign invested enterprises decreased by 9.5 percent.

Investment in Fixed Assets (Excluding Rural Households) from January to March in 2025

Indicators	Growth Rate Y/Y (%)
Investment in Fixed Assets (Excluding Rural Households)	4.2
Of which: State-holding	6.5
Of which: Non-governmental investment	0.4
Grouped by constitution
Construction and installation	1.5
Purchase of equipment and instruments	19.0
Other expenses	2.4
Grouped by industries
Primary industry	16.0
Secondary industry	11.9
Tertiary industry	0.1
Grouped by sectors
Agriculture, forestry, animal husbandry and fishery	15.8
Mining	5.6
Manufacturing	9.1
Of which: Processing of food from agricultural and sideline products	18.6
Manufacture of foods	18.0
Textile industry	13.5
Manufacture of raw chemical materials and chemical products	2.1
Manufacture of medicines	4.4
Smelting and pressing of non-ferrous metal	17.9
Manufacture of metal products	12.2
Manufacture of general purpose machinery	17.2
Manufacture of special purpose machinery	8.1
Manufacture of automobiles	24.5
Manufacture of railway, ship, aerospace and other transport equipment	37.9
Manufacture of electrical machinery and apparatus	-7.4
Manufacture of computers, communication equipment and other electronic equipment	10.5
Production and supply of electricity, heat power, gas and water	26.0
Transport, storage and post	3.8
Of which: Railway transport	0.5
Road transport	-0.2
Water conservancy, environment and public facilities management	9.8
Of which: Management of water conservancy	36.8
Management of public facilities	4.9
Education	2.3
Health and social service	0.8
Culture, sports and entertainment	6.4
Grouped by status of registration
Of which: Domestic invested enterprises	4.0
Enterprises with investment from Hong Kong, Macao, and Taiwan	10.8
Foreign invested enterprises	-9.5
Note: The rates in this table did not deduct price factors.

Annotations:

1. Explanatory Notes

Investment in fixed assets (excluding rural households): refers to the total workload on construction and purchase for fixed assets during a certain period in the form of currency, as well as the concerning expenses.

State-holding enterprises: in the total paid-in capital of the enterprise, the paid-in capital (capital stock) owned by the investors of the state-owned economic component accounts for more than 50 percent of the total paid-in capital (capital stock) of the enterprise.

In the total paid-in capital of an enterprise, although the proportion of paid-in capital (capital stock) owned by the investors with state-owned economic components is not more than 50 percent, the proportion of state-owned relative holding shares is relatively greater than that of investors with other economic components; or the proportion of state-owned contractual holding shares is not greater than that of investors with other economic components but has the actual control right of the enterprise according to the agreement.

The enterprises in which the proportion of investment capital of the two investors is 50 percent, and the shareholding control power is not clearly stated by either side, if one of them is state-owned, are all classified as the state-holding enterprises without exception.

The investment projects invested by the administrative and institutional units are all classified as state-holding.

Status of registration: the classification of the status of enterprise registration is based on the status of enterprise registration by the administrative department for market regulation, in accordance with the Provisions on the Statistical Classification of Market Entities (No.14 [2023] of the National Bureau of Statistics of China) issued jointly by the National Bureau of Statistics of China and the State Administration for Market Regulation of China.

2. Statistical Coverage

Covering construction projects on fixed assets and real estate involving a total planned investment of 5 million yuan and over.

3. Data Collection

The report of investment on fixed assets is collected monthly with complete enumeration (no report in January).

4. Classification on Eastern, Central, Western and Northeastern Regions

The eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan; the central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan; the western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang; and the northeastern region includes Liaoning, Jilin and Heilongjiang.

5. Standard on Industrial Classification

The National Industrial Classification of All Economic Activities (GB/T4754-2017) was performed.

6. Revision on Month-on-Month Data

According to the auto-revision function of the seasonal adjustment model, the month-on-month growth rate of investment in fixed assets (excluding rural households) since March 2024 has been revised. The revised results and the month-on-month data of March 2025 are as follows:

Months	Growth Rate (%)
2024-March	0.03
April	0.46
May	0.05
June	0.52
July	0.10
August	0.42
September	0.52
October	0.24
November	0.46
December	0.41
2025-January	0.61
February	0.55
March	0.15

7. Explanation of Year-on-Year Growth Rate

Data of investment in fixed assets of the same period last year were revised according to the results of methodology reform of investment statistics, the Fifth National Economic Census and the statistical law enforcement. The growth rates of investment in fixed assets are calculated on a comparable basis.