China’s fixed-asset investment increased by 3.7% year-on-year in the January–May 2025 period, less than market expectations of a 3.9% rise. Infrastructure investment grew by 5.6%, while manufacturing investment rose by 8.5%. However, real estate investment continued to drop, falling 10.7%. By industry, investment in the primary industry was up by 8.4%, the secondary industry rose by 11.4%, while the tertiary industry decreased by 0.4%. Excluding the property sector, fixed-asset investment expanded by 7.7% in the first five months of the year. On a monthly basis, fixed-asset investment edged up by 0.05%.