China’s fixed-asset investment increased by 1.6% year-on-year in January–July 2025 period, much less than market expectations of a 2.7% rise. Investment in infrastructure was up by 3.2%, while that in manufacturing grew by 6.2%, but real estate investment declined by 12%. By industry, investment in the primary industry rose by 5.6%, the secondary industry increased by 8.9%, while the tertiary industry fell by 2.3%. Excluding the property sector, fixed-asset investment grew by 5.3%. On a monthly basis, fixed-asset investment dropped by 0.6%.