Beijing – September 18, 2026 -- China's fixed-asset investment fell 7.2% year on year in the first eight months of 2026, yet the total remained substantial at roughly 29.3 trillion yuan (US$4.33 trillion), with capital increasingly redirected toward technological innovation and modern infrastructure.
Wang Guanhua, spokesperson for the National Bureau of Statistics (NBS), attributed the decline to heat waves, typhoons, and floods disrupting construction, alongside external uncertainty and a domestic shift from traditional to new growth drivers that has made businesses more cautious. She said investment performance should not be judged solely by growth rate, but by its role in supporting economic transformation.
Intellectual property investment climbs 9.2% as software and R&D dominate
Investment in intellectual property products rose 9.2% year on year, accelerating 0.1 percentage point from the prior seven-month period and now accounting for 15.2% of total investment, up 2.3 percentage points from a year earlier. Computer software and databases investment grew 10.9%, while R&D investment increased 7.8%; the two categories together made up more than 95% of intellectual property product investment.
High-tech industry investment accelerates for third straight month
High-tech industry investment grew 5.2% year on year through August, marking the third consecutive month of acceleration. Investment in specialized electronic materials manufacturing rose 8.5% and integrated circuit manufacturing climbed 12%, driven by demand for artificial intelligence technologies. Lithium-ion battery manufacturing investment surged 20.6% on new-energy vehicle expansion and energy storage demand, while equipment purchase investment rose 9.3%, representing 19.5% of total investment under China's equipment renewal program.
Infrastructure investment advances under 15th Five-Year Plan
Major cross-regional transportation corridors, energy and water conservancy projects, and urban renewal initiatives are progressing as the 15th Five-Year Plan (2026-2030) enters its first year. Investment in internet and related services jumped 42% year on year, while air transportation, water transportation, and electricity supply investment rose 16.7%, 14.7%, and 12.7%, respectively. As of end-June, more than 70 major computing-power corridors had been built around national computing hubs.
Wang said China's investment mix is becoming better balanced toward new growth drivers, with continued improvements in investment quality and returns as policies work in concert to unlock further investment potential.