This photo taken on July 28, 2025 shows a view of China Changan Automobile Group's digital and intelligent factory for the new energy vehicle AVATR in southwest China's Chongqing Municipality. (Xinhua/Chen Cheng)
BEIJING, Sept. 15 (Xinhua) -- China's investment structure is shifting toward innovation-driven, high-quality development, with continuous improvement in investment quality and efficiency, an official said Tuesday when commenting on the latest fixed-asset investment data.
China's fixed-asset investment totaled around 29.3 trillion yuan (about 4.33 trillion U.S. dollars), down 7.2 percent year on year in the first eight months of 2026, the National Bureau of Statistics (NBS) data showed Tuesday.
Excluding the property sector, the country's fixed-asset investment decreased by 4.2 percent in the first eight months of the year.
By industry, investment in the primary industry fell by 2.4 percent year on year, that in the secondary industry fell by 2.9 percent, and that in the tertiary industry fell by 9.9 percent.
In terms of sectors, the investment in infrastructure declined by 4 percent year on year, that in manufacturing was down by 2.3 percent, and that in real estate development declined by 19.9 percent.
During the first eight months, private investment dropped by 10.1 percent year on year. Excluding real estate development, private investment declined 6.4 percent.
In August alone, China's fixed-asset investment fell 0.5 percent from the previous month, NBS data showed.
Multiple factors caused the decline in China's fixed-asset investment in the first eight months, according to NBS spokesperson Wang Guanhua.
"On one hand, frequent extreme weather events such as summer heatwaves, typhoons and floods adversely affected project construction in certain regions. On the other hand, the complex and volatile external environment -- marked by increased uncertainties and unpredictability -- coupled with the ongoing transition between old and new growth drivers at home, has led enterprises to adopt a cautious approach to investment decisions," Wang said.
"It is worth noting that fixed-asset investment in the first eight months remained substantial, at nearly 30 trillion yuan," Wang said. "Further analysis of its structure and quality shows resilient growth in investment driven by new growth drivers."
Growth accelerated in several sectors, with investment shifting from a previous emphasis on scale expansion toward a greater focus on technological innovation, industrial upgrading and foundational support. "This optimization of capital allocation is precisely what is expected and needed in the pursuit of high-quality development," Wang said.
Specifically, investment has tilted toward research and development and other innovation-related areas, according to Wang. Investment in intellectual property products grew 9.2 percent year on year in the first eight months, 0.1 percentage point faster than the January-July pace, accounting for 15.2 percent of total investment and up 2.3 percentage points from a year earlier.
Investment in high-tech industries rose 5.2 percent year on year. In particular, investment in the information service industry, aerospace and spacecraft manufacturing, and electronic and communication equipment manufacturing increased by 22.7 percent, 14.9 percent, and 6.9 percent, respectively, in the first eight months, the NBS data showed.
Wang said investment has further strengthened in advanced manufacturing, the digital economy, and green and low-carbon sectors. Investment in electronic special materials manufacturing and integrated circuit manufacturing grew 8.5 percent and 12 percent, respectively. Driven by the development of the new energy vehicle industry and strong energy-storage demand, investment in lithium-ion battery manufacturing rose 20.6 percent.
Meanwhile, the effects of the large-scale equipment renewal policy continued to show, with enterprises more willing to upgrade equipment and accelerate technological transformation. Investment in equipment purchases increased 9.3 percent year on year in the first eight months, 0.3 percentage points faster than the January-July pace, accounting for 19.5 percent of total investment.
Investment in internet and related services linked to the country's "six networks" initiative grew 42 percent year on year in the first eight months. The "six networks" initiative covers water networks, new-type power grids, computing power networks, next-generation communication networks, urban underground pipeline networks and logistics networks.
Currently, the central government has largely allocated budgetary investment. Wang noted that the issuance and use of local government special bonds are accelerating, and funds from new policy-based financial instruments will be deployed promptly.
Coordinated policy efforts will create favorable conditions to further unlock investment potential and effectively leverage investment to support high-quality economic and social development, Wang added.
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