Investment in Fixed Assets from January to October 2025

2025-11-15 10:00 Print| Large| Medium| Small

From January to October 2025, the national investment in fixed assets (excluding rural households) was 40,891.4 billion yuan, a year-on-year decrease of 1.7% (calculated on a comparable basis, see Annotation 7 for details). Specifically, non-governmental investment in fixed assets decreased by 4.5% year on year. On a month-on-month basis, the investment in fixed assets (excluding rural households) declined by 1.62% in October.

By industry, the investment in the primary industry was 807.5 billion yuan, a year-on-year increase of 2.9%; the investment in the secondary industry was 14,841.1 billion yuan, up 4.8%; and the investment in the tertiary industry was 25,242.9 billion yuan, down 5.3%.

In the secondary industry, the industrial investment increased by 4.9% year-on-year. Specifically, the investment in mining increased by 3.8%, the investment in manufacturing increased by 2.7%, and the investment in production and supply of electricity, thermal power, gas and water increased by 12.5%.

In the tertiary industry, the investment in infrastructure (excluding the production and supply of electricity, thermal power, gas and water) decreased by 0.1% year on year. Specifically, the investment in pipeline transport increased by 13.8%, the investment in waterway transport increased by 9.4%, and the investment in railway transport increased by 3.0%.

By region, the investment in the eastern region decreased by 5.4% year on year, the investment in the central region decreased by 0.5%, the investment in the western region increased by 0.4%, and the investment in the northeastern region decreased by 11.7%.

By type of registration, the investment in fixed assets of domestic invested enterprises decreased by 1.7% year on year, the investment in fixed assets of enterprises with investment from Hong Kong, Macao, and Taiwan decreased by 1.8%, and the investment in fixed assets of foreign invested enterprises decreased by 12.1%.

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

Indicator	Growth Rate Y/Y (%)
Investment in Fixed Assets (Excluding Rural Households)	-1.7
Of which: State-holding	0.1
Of which: Non-governmental investment	-4.5
By constitution
Construction and installation	-5.4
Purchase of equipment and instruments	13.0
Other expenses	-1.5
By industry
Primary industry	2.9
Secondary industry	4.8
Tertiary industry	-5.3
By sector
Agriculture, forestry, animal husbandry and fishery	1.2
Mining	3.8
Manufacturing	2.7
Of which: Processing of food from agricultural products	10.7
Manufacture of foods	5.9
Textile industry	8.3
Manufacture of raw chemical materials and chemical products	-7.9
Manufacture of medicines	-11.3
Smelting and pressing of non-ferrous metals	-1.5
Manufacture of metal products	3.7
Manufacture of general-purpose machinery	9.5
Manufacture of special-purpose machinery	-2.0
Manufacture of automobiles	17.5
Manufacture of railway, ship, aerospace and other transport equipment	20.1
Manufacture of electrical machinery and apparatus	-9.4
Manufacture of computers, communication equipment and other electronic equipment	-2.2
Production and supply of electricity, thermal power, gas and water	12.5
Transport, storage and post	0.1
Of which: Railway transport	3.0
Road transport	-4.3
Water conservancy, environment and public facilities management	-4.1
Of which: Management of water conservancy	0.7
Management of public facilities	-4.4
Education	-6.9
Health and social services	-10.3
Culture, sports and entertainment	-1.6
By type of registration
Of which: Domestic invested enterprises	-1.7
Enterprises with investment from Hong Kong, Macao, and Taiwan	-1.8
Foreign invested enterprises	-12.1
Note: The growth rates in this table are not adjusted for price factors.

Annotations:

1. Notes on Indicators

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

State-holding enterprises: Absolute state-holding where the proportion of the paid-in capital (equity) owned by contributors with a 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 is more 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 enterprises in which both parties each hold 50% and no absolute controlling party is specified, if one of the parties is a state-owned economic component, the enterprise shall be classified as state-holding.

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

Types of registration: The basis for classifying enterprise registration types is categories assigned by the market regulatory authorities at the time of enterprise registration, 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 Method

Statistics on investment in fixed assets are collected through a comprehensive monthly survey (with reporting exempted for January).

4. Definition of Eastern, Central, Western and Northeastern 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 of 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 October 2024 were revised. The revised results and month-on-month data for October 2025 are as follows:

Year	Month	Growth Rate M/M (%)
2024	October	-0.34
	November	0.57
	December	-0.38
2025	January	0.15
	February	-0.05
	March	-1.05
	April	-0.52
	May	-0.77
	June	-0.94
	July	-1.50
	August	-1.16
	September	-0.90
	October	-1.62

7. Explanation of Year-on-Year Growth Rate

In accordance with the reform of statistical methods for investment, the Fifth National Economic Census, statistical law enforcement inspections, and other regulations, the data on investment in fixed assets for the same period of the previous year were revised, and the growth rates of investment in fixed assets were calculated on a comparable basis.

8. Others

Due to rounding, the totals may not equal the sum of the sub-items.