China’s fixed-asset investment dropped by 6.7% year-on-year in the January to July 2026 period, worse than market expectations for a 6.2% fall and the 5.7% decline recorded in the first half of the year. Property investment remained the biggest drag, plunging 19.2% after an 18% decline in January-June, while infrastructure investment (-3.6% vs -2.4%) and manufacturing investment (-1.7% vs -1.2%) also decreased. Among industries, investment in the primary sector decreased 0.5% after rising 0.9%, while investment in the secondary sector (-2.1% vs -1.1%) and in the tertiary sector (-9.5% vs -8.4%) fell at a faster pace. Excluding the property sector, fixed-asset investment was down by 5.7% in January-July, slipping further from a 2.7% drop in the first six months of the year. On a monthly basis, fixed-asset investment decreased by 1.42% in July, accelerating from a 0.37% fall in the preceding period.