China’s fixed-asset investment fell 7.2% year-on-year in the January-September 2026 period, matching the decline recorded in the first eight months of the year but missing market expectations for a 7.3% drop. Property investment remained the biggest drag, plunging 20.6% compared with a 19.9% decline in January–August, amid subdued housing demand, falling home prices, and persistent financing constraints for developers. Infrastructure investment contracted further (-4.2% vs -4%), while manufacturing investment fell at a slower pace (-2.1% vs -2.3%). By industry, investment continued to decline across all three sub-industries: primary industry (-3.9% vs -2.4%), secondary industry (-2.7% vs -2.9%), and tertiary industry (-10% vs -9.9%). On a monthly basis, fixed-asset investment edged up 0.07% in September, following a 0.55% decline in August.