On January 19, data released by the National Bureau of Statistics showed that China's fixed-asset investment (excluding rural households) for the full year of 2025 totaled 48.5186 trillion yuan, representing a year-on-year decrease of 3.8%. Excluding real estate development investment, the national fixed-asset investment declined by 0.5%.

By sector, infrastructure investment fell by 2.2%, manufacturing investment grew by 0.6%, and real estate development investment dropped sharply by 17.2%. The floor area of new commercial housing sales nationwide was 881.01 million square meters, down 8.7%, while the sales value of new commercial housing reached 8.3937 trillion yuan, falling 12.6%.

Analyzed by industry, investment in the primary industry increased by 2.3%, investment in the secondary industry grew by 2.5%, and investment in the tertiary industry decreased by 7.4%. Private investment declined by 6.4%; excluding real estate development investment, private investment fell by 1.9%.

Within high-tech industries, investment in information services and the manufacturing of aircraft, spacecraft, and related equipment grew significantly by 28.4% and 16.9%, respectively. In December, fixed-asset investment (excluding rural households) decreased by 1.13% on a month-on-month basis.