China’s fixed-asset investment fell by 3.8% in 2025, worse than market forecasts of a 3% drop. This marked the first annual decline since 1989, dragged mainly by a sharp fall in property investment (-17.2%). Infrastructure investment also dropped by 2.2%, while manufacturing investment saw a modest increase of 0.6%. By industry, investment in the primary industry rose by 2.3% and the secondary industry went up by 2.5%, whereas investment in the tertiary industry contracted by 7.4%. Excluding the property sector, fixed-asset investment was down by 0.5% in 2025. On a monthly basis, fixed-asset investment dropped by 1.1% in December, following a 0.4% fall in November.