China’s fixed-asset investment fell by 2.6% year-on-year in January-November 2025 period, more than market expectations of a 2.3% decrease and following a 1.7% drop in the first ten months. This was the third straight month of decline and the sharpest since June 2020, due to continued decreases in property investment (-15.9% vs -14.7% in January-October) and infrastructure (-1.1% vs -0.1%), alongside softer growth in manufacturing (1.9% vs 2.7%). By industry, investment growth slowed in the primary industry (2.7% vs 2.9%) and secondary industry (3.9% vs 4.8%), while investment in the tertiary sector declined further (-6.3% vs -5.3%). Excluding the property sector, fixed-asset investment rose by 0.8%, slowing from a 1.7% increase in the first ten months. On a monthly basis, fixed-asset investment dropped by 1% in November, easing from a 1.5% fall in October.