China’s fixed-asset investment contracted by 4.1% year-on-year in the January–May 2026 period, exceeding market expectations for a 2.0% decline and worsening from the 1.6% drop recorded in the first four months of the year. Property investment remained the main drag, falling 16.2%, compared with a 13.7% decline in the January–April period, while smaller increases were recorded in infrastructure and manufacturing investment, easing to 0.6% from 4.3% and to 0.4% from 1.2%, respectively. Among industries, investment growth slowed in the primary industry (5.9% vs 10.1%) and the secondary sector (0.1% vs 2.5%), while investment in the tertiary sector fell further (-6.8% vs -4.2%). Excluding the property sector, fixed-asset investment decreased by 1.2% in the first five months of 2026, reversing from a 1.3% increase in the January–April period. On a monthly basis, fixed-asset investment fell by 1.91% in May, slipping further from a 2.36% drop in April.

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