National Bureau of Statistics: Fixed Asset Investment Nationwide Grew 1.8% Year-on-Year in February

From January to February, the country’s fixed asset investment (excluding rural households) totaled 52.721 trillion yuan, a year-on-year increase of 1.8% (calculated on a comparable basis; see Note 7). Among them, private fixed asset investment decreased by 2.6% year-on-year. Month-on-month, fixed asset investment (excluding rural households) grew by 0.39% in February.

In terms of industries, primary industry investment was 109.3 billion yuan, a 17.4% increase; secondary industry investment was 1.7434 trillion yuan, up 5.4%; tertiary industry investment was 3.4194 trillion yuan, a decrease of 0.4%.

Industrial investment increased by 5.4% year-on-year. Specifically, mining industry investment grew by 13.0%, manufacturing investment increased by 3.1%, and electricity, heat, gas, and water production and supply industry investment rose by 13.1%.

Infrastructure investment (see Note 1 for details) increased by 11.4% year-on-year. Notably, investment in air transportation grew by 31.1%, gas production and supply increased by 20.0%, and water transportation investment rose by 17.9%.

Regionally, eastern region investment increased by 1.8% year-on-year, central region by 1.9%, western region decreased by 0.5%, and northeastern region declined by 11.4%.

By registration category, domestic-funded enterprise fixed asset investment grew by 2.1% year-on-year, investment by Hong Kong, Macau, and Taiwan-invested enterprises decreased by 3.0%, and foreign-invested enterprise fixed asset investment declined by 9.1%.

2026 January–February Fixed Asset Investment (excluding rural households) Key Data

Click to download: Related Data Table

Note

1. Indicator Explanation

Fixed asset investment (excluding rural households): The total amount of construction and purchase of fixed assets completed within a certain period, expressed in monetary terms, including related expenses.

Infrastructure investment: According to current statistical standards, infrastructure investment includes fixed assets in electricity, heat production and supply, gas production and supply, water production and supply, railway transportation, road transportation, water transportation, air transportation, pipeline transportation, multimodal transport and freight forwarding, loading and unloading, postal services, telecommunications, broadcasting, satellite transmission services, internet and related services, water conservancy management, ecological protection and environmental governance, and public facility management. Infrastructure investment growth rate is calculated on a comparable basis.

State-controlled: In a company’s total paid-in capital, if the actual capital (equity) contributed by the state-owned economic component exceeds 50%, it is considered a state-controlled enterprise.

If the actual capital contributed by the state-owned component is less than or equal to 50% but greater than any other economic component, it is relatively controlled by the state; or if it does not exceed other economic components but the company is under actual control based on agreements, it is considered a state-controlled enterprise.

If both parties hold 50% each and it is not explicitly controlled by one side, but one party is a state-owned economic component, it is treated as state-controlled.

Investments by administrative and public institutions are also considered state-controlled.

Registration category: Implemented according to the “Classification Rules for Market Entities” jointly issued by the National Bureau of Statistics and the State Administration for Market Regulation (Guo Tong Zi [2023] No. 14).

2. Scope of Statistics

Fixed asset projects with a planned total investment of 5 million yuan or more, and all real estate development projects.

3. Survey Method

Monthly comprehensive survey of fixed asset investment reports (data for January are exempt).

4. Division of Regions: East, Central, West, and Northeast

The eastern region includes Beijing, Tianjin, Hebei, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Guangdong, Hainan; the central region includes Shanxi, Anhui, Jiangxi, Henan, Hubei, Hunan; the western region includes Inner Mongolia, Guangxi, Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang; the northeast includes Liaoning, Jilin, Heilongjiang.

5. Industry Classification Standard

Implemented according to the National Economic Industry Classification Standard (GB/T 4754-2017).

6. Revision of Month-on-Month Data

Based on seasonal adjustment models, the results are automatically revised, including the month-on-month growth rates of fixed asset investment (excluding rural households) from January to December 2025. The revised results and the month-on-month data for January and February 2026 are as follows:

7. Explanation of Year-on-Year Growth Rate

Due to reforms in investment statistical methods and enforcement inspections, the fixed asset investment data for the same period last year have been revised. The growth rate is calculated on a comparable basis.