China’s fixed-asset investment rose by 2.8% year-on-year in the first half of 2025, coming in below market forecasts of a 3.7% growth. Investment in infrastructure increased by 4.6%, while that in manufacturing grew by 7.5%. However, real estate investment declined further, falling 11.2%. By industry, investment in the primary industry was up by 6.5%, the secondary industry increased by 10.2%, while the tertiary industry dropped by 1.1%. Excluding the property sector, fixed-asset investment rose by 5.1% in the January–June period. On a monthly basis, fixed-asset investment decreased by