Investment in Fixed Assets from January to September 2025

From January to September 2025, the national investment in fixed assets (excluding rural households) was 37,153.5 billion yuan, a year-on-year decrease of 0.5% (calculated on comparable basis, see Annotation 7 for details). Specifically, non-governmental investment in fixed assets decreased by 3.1% year on year. From a month-on-month perspective, the investment in fixed assets (excluding rural households) declined by 0.07% in September.

By industry, the investment in the primary industry was 734.4 billion yuan, a year-on-year increase of 4.6%; the investment in the secondary industry was 13,406.3 billion yuan, up 6.3%; the investment in the tertiary industry was 23,012.8 billion, down 4.3%.

In the secondary industry, the industrial investment increased by 6.4% year on year. Specially, the investment in mining increased by 3.7%, the investment in manufacturing increased by 4.0%, and investment in production and supply of electricity, thermal power, gas and water increased by 15.3%.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, thermal power, gas and water) increased by 1.1% year on year. Specially, the investment in waterway transport increased by 12.8%, the investment in railway transport increased by 4.2%, and the investment in water conservancy management increased by 3.0%.

By region, the investment in the eastern region decreased by 4.5% year on year, the investment in the central region increased by 1.5%, the investment in the western region increased by 1.5%, and the investment in the northeastern region decreased by 8.4%.

By types of registration, the investment in fixed assets of domestic invested enterprises decreased by 0.6% year on year, the investment in fixed assets of enterprises with investment from Hong Kong, Macao, and Taiwan decreased by 0.3%, and the investment in fixed assets of foreign invested enterprises decreased by 12.6%.

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

Annotations:

1. Notes on Indicators

Investment in fixed assets (excluding rural households): It is a general term for the workload concerning construction and acquisition of fixed assets, completed in a certain period of time and represented in monetary form, as well as related expenses.

State-holding Enterprises: Absolute state-holding where the proportion of the paid-in capital (equity) owned by contributors with state-owned economic component in the total paid-in capital (equity) of the enterprise is greater than 50%.

Relative state-holding where the proportion of the paid-in capital (equity) owned by contributors with state-owned economic component in the total paid-in capital (equity) of the enterprise is no greater than 50%, but relatively greater than the proportion of contributors with any other economic component, or state-holding by agreement where the proportion by contributors with state-owned economic component is no greater than that of contributors with other economic component, but the actual control of the enterprise is exercised according to the agreement.

For an enterprise where both parties invest 50%, and it is not clearly stated who has absolute holding, if one party has state-owned economic component, it shall be treated as state-holding.

The investment projects of administrative and public institutions are state-holding.

Types of registration: The basis for dividing the types of registration of enterprises is the type of enterprise registration adopted by the market supervision department, which is implemented in accordance with the Regulations on the Classification of Market Entity Statistics (Guotongzi [2023] No.14) jointly issued by the National Bureau of Statistics of China and the State Administration for Market Regulation.

2. Statistical Coverage

Investment in fixed asset projects with a total planned investment of 5 million yuan or more, as well as investment in all real estate development projects.

3. Survey Methods

Comprehensive survey is carried out for the statistical report on investment in fixed assets on a monthly basis (data in January is exempted from reporting).

4. Definition of Eastern, Central and Western Regions

The eastern region includes 10 provinces (municipalities), namely, Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong and Hainan; the central region includes 6 provinces, namely, Shanxi, Anhui, Jiangxi, Henan, Hubei and Hunan; the western region includes 12 provinces (municipalities and autonomous regions), namely, Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Xizang, Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang; the northeastern region includes 3 provinces, namely, Liaoning, Jilin and Heilongjiang.

5. Industrial Classification Standard

The Industrial Classification for National Economic Activities (GB/T 4754-2017) was implemented.

6. Revision on Month-on-Month Data

According to the results of automatic correction of the seasonal adjustment model, the month-on-month growth rates of investment in fixed assets (excluding rural households) since September 2024 are revised. The revised results and month-on-month data for September 2025 are as follows:

7. Explanation on Year-on-Year Growth Rate

According to the reform of statistical system methods for investment, the Fifth National Economic Census, statistical law enforcement inspection and other regulations, the data on investment in fixed assets in the same period of the previous year are revised, and the growth rates of investment in fixed assets are calculated on comparable basis.