Investment in Fixed Assets in the First Half of 2025

2025-07-16 10:00 Print| Large| Medium| Small

In the first half of 2025, the investment in fixed assets (excluding rural households) nationwide was 24,865.4 billion yuan, up by 2.8 percent year on year (calculated on a comparable basis, see Annotation 7 for details). Among them, the non-governmental investment in fixed assets decreased by 0.6 percent year on year. After deducting the influence of price factors, the investment in fixed assets (excluding rural households) increased by 5.3 percent year on year. On a month-on-month basis, the investment in fixed assets (excluding rural households) decreased by 0.12 percent in June.

From the perspective of industries, the investment in the primary industry was 481.6 billion yuan, up by 6.5 percent year on year; that in the secondary industry was 8,829.4 billion yuan, up by 10.2 percent; and that in the tertiary industry was 15,554.3 billion yuan, down by 1.1 percent.

In the secondary industry, the industrial investment increased by 10.3 percent year on year. Among them, the investment in the mining industry increased by 3.4 percent, that in the manufacturing industry increased by 7.5 percent, and that in the production and supply of electricity, heat power, gas and water increased by 22.8 percent.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, heat power, gas and water) increased by 4.6 percent year on year. Among them, the investment in waterway transport increased by 21.8 percent, that in management of water conservancy increased by 15.4 percent, and that in railway transport increased by 4.2 percent.

In terms of regions, the investment in the eastern region decreased by 0.8 percent year on year, that in the central region increased by 3.2 percent, that in the western region increased by 4.8 percent, and that in the northeastern region decreased by 1.9 percent.

In terms of status of registration, the investment in the fixed assets of domestic invested enterprises increased by 2.8 percent year on year, that of enterprises with investment from Hong Kong, Macao, and Taiwan increased by 4.8 percent, and that of foreign invested enterprises decreased by 13.6 percent.

Investment in Fixed Assets (Excluding Rural Households) in the First Half of 2025

Indicators	Growth Rate Y/Y (%)
Investment in Fixed Assets (Excluding Rural Households)	2.8
Of which: State-holding	5.0
Of which: Non-governmental investment	-0.6
Grouped by constitution
Construction and installation	0.1
Purchase of equipment and instruments	17.3
Other expenses	1.3
Grouped by industries
Primary industry	6.5
Secondary industry	10.2
Tertiary industry	-1.1
Grouped by sectors
Agriculture, forestry, animal husbandry and fishery	6.7
Mining	3.4
Manufacturing	7.5
Of which: Processing of food from agricultural and sideline products	18.4
Manufacture of foods	16.0
Textile industry	14.5
Manufacture of raw chemical materials and chemical products	-1.1
Manufacture of medicines	-3.0
Smelting and pressing of non-ferrous metal	9.1
Manufacture of metal products	11.1
Manufacture of general purpose machinery	16.6
Manufacture of special purpose machinery	6.2
Manufacture of automobiles	22.2
Manufacture of railway, ship, aerospace and other transport equipment	27.3
Manufacture of electrical machinery and apparatus	-7.8
Manufacture of computers, communication equipment and other electronic equipment	4.6
Production and supply of electricity, heat power, gas and water	22.8
Transport, storage and post	5.6
Of which: Railway transport	4.2
Road transport	0.6
Water conservancy, environment and public facilities management	3.5
Of which: Management of water conservancy	15.4
Management of public facilities	1.7
Education	-3.3
Health and social service	-6.1
Culture, sports and entertainment	3.7
Grouped by status of registration
Of which: Domestic invested enterprises	2.8
Enterprises with investment from Hong Kong, Macao, and Taiwan	4.8
Foreign invested enterprises	-13.6
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 related 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 a state-holding enterprise if one of the contributors has state-owned parts.

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 Classiication 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 or more.

3. Survey Methods

The report on investment in fixed assets is collected monthly with a 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 June 2024 has been revised. The revised results and the month-on-month data of June 2025 are as follows:

Months	Growth Rate (%)
2024-June	0.89
July	-0.12
August	0.09
September	0.65
October	-0.05
November	0.24
December	0.18
2025-January	0.79
February	0.32
March	-0.15
April	0.37
May	0.33
June	-0.12

7. Explanation of Year-on-Year Growth Rate

Data on investment in fixed assets of the same period last year were revised according to the results of the methodology reform for 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.