China's fixed asset investment in 2025 decreased by 3.8% year-on-year, with mining industry investment growing by 2.5% and manufacturing growing by 0.6%

In 2025, the decline in national fixed asset investment for the whole year further expanded compared to the previous value. However, industrial investment in the secondary industry grew by 2.6% compared to the previous year, with mining investment increasing by 2.5% and manufacturing investment increasing by 0.6%. On January 19, the National Bureau of Statistics announced that in 2025, national fixed asset investment (excluding rural households) was CNY 48.5186 trillion, a decrease of 3.8% compared to the previous year. Among them, private fixed asset investment decreased by 6.4% compared to the previous year. On a month-on-month basis, fixed asset investment (excluding rural households) decreased by 1.13% in December. By industry, investment in the primary industry was CNY 957 billion, an increase of 2.3% compared to the previous year; investment in the secondary industry was CNY 177.368 trillion, an increase of 2.5%; investment in the tertiary industry was CNY 298.248 trillion, a decrease of 7.4%. In the secondary industry, industrial investment grew by 2.6% compared to the previous year. Among them, mining investment increased by 2.5%, manufacturing investment increased by 0.6%, and investment in electricity, heat, gas, and water production and supply increased by 9.1%. In the tertiary industry, infrastructure investment (excluding electricity, heat, gas, and water production and supply) decreased by 2.2% compared to the previous year. Among them, investment in pipeline transportation increased by 36.0%, investment in multimodal transport and transportation agency increased by 22.9%, and investment in water transportation increased by 7.7%. By region, investment in the eastern region decreased by 8.4% compared to the previous year, investment in the central region decreased by 2.7%, investment in the western region decreased by 1.3%, and investment in the northeastern region decreased by 15.5%. By registration type, fixed asset investment by domestic enterprises decreased by 3.8% compared to the previous year, fixed asset investment by enterprises from Hong Kong, Macau, and Taiwan decreased by 2.2%, and fixed asset investment by foreign enterprises decreased by 13.8%.