From January to May, the investment decline widened to 4.1%, and the cumulative growth rate of manufacturing investment turned negative for the first time this year.

【Caixin】 Under the combined influence of high temperatures and heavy rainfall in some regions, as well as the shift between old and new growth drivers, China’s fixed asset investment from January to May 2026 saw a significant year-on-year decline, underperforming market expectations.

The National Bureau of Statistics released data on June 16 showing that from January to May, the cumulative year-on-year decline in national fixed asset investment was 4.1%, widening by 2.5 percentage points from the January-April figure. Excluding real estate development investment, the year-on-year decline was 1.2%, 2.5 percentage points lower than the previous value, marking the lowest level since data became available in 2024. On a seasonally adjusted month-on-month basis, investment fell by 1.91% in May, remaining negative for three consecutive months, though the decline narrowed slightly, indicating a continued slowdown in investment momentum.