Investment in Fixed Assets from January to May 2025

From January to May, the investment in fixed assets (excluding rural households) nationwide was 19,194.7 billion yuan, up by 3.7 percent year on year (calculated on a comparable basis, see Annotation 7 for details). Among them, the non-governmental investment in fixed assets was flat year on year. On a month-on-month basis, the investment in fixed assets (excluding rural households) increased by 0.05 percent in May.

From the perspective of industries, the investment in the primary industry was 384.7 billion yuan, up by 8.4 percent year on year; that in the secondary industry was 6,799.6 billion yuan, up by 11.4 percent; and that in the tertiary industry was 12,010.4 billion yuan, down by 0.4 percent.

In the secondary industry, the industrial investment increased by 11.6 percent year on year. Among them, the investment in the mining industry increased by 5.8 percent, that in the manufacturing industry increased by 8.5 percent, and that in the production and supply of electricity, heat power, gas and water increased by 25.4 percent.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, heat power, gas and water) increased by 5.6 percent year on year. Among them, the investment in waterway transport increased by 27.2 percent, that in management of water conservancy increased by 26.6 percent, and that in civil aviation transport increased by 4.7 percent.

In terms of regions, the investment in the eastern region increased by 0.5 percent year on year, that in the central region increased by 4.5 percent, that in the western region increased by 4.9 percent, and that in the northeastern region increased by 2.1 percent.

In terms of status of registration, the investment in the fixed assets of domestic invested enterprises increased by 3.7 percent year on year, that of enterprises with investment from Hong Kong, Macao, and Taiwan increased by 6.5 percent, and that of foreign invested enterprises decreased by 13.4 percent.

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

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: Absolute state-holding in which the contributors of state-owned parts possess more than 50% of all the paid-in capital (stocks) of the enterprises;

Relative state-holding in which the contributors of state-owned parts possess no more than 50% of the paid-in capital (stocks) of the enterprises, but more than that of any other contributors; or agreed state-holding in which the contributors of state-owned parts possess no more than other contributors but have actual control over the enterprises according to agreements;

In case both contributors possess 50% and it is not clear which one is in absolute holding position, the enterprise is regarded as state-holding enterprise if one of the contributor has state-owned elements.

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 Regulations on the Classification of Market Entity Statistics (Guotongzi [2023] No. 14) 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 Industrial Classification for National 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 May 2024 has been revised. The revised results and the month-on-month data of May 2025 are as follows:

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.