According to the data released by the National Bureau of Statistics recently, from January to August 2025, the national fixed assets investment increased by 0.5% year on year, 1.1 percentage points lower than that from January to July. Among them, infrastructure investment (excluding electricity, heat, gas, and water production and supply industries) increased by 2.0% year-on-year, and the growth rate also narrowed by 1.2 percentage points.

The Central Politburo meeting held on July 30th proposed that macroeconomic policies will continue to be strengthened and appropriately intensified, emphasizing the implementation of more proactive fiscal policies and moderately loose monetary policies, and specifically pointing out the need to accelerate government bond issuance and improve the efficiency of fund utilization. Wang Qing, Chief Macro Analyst of Oriental Jincheng, stated that with the weakening of external demand and changes in the external economic and trade environment, exports may face negative growth pressure in the fourth quarter, and infrastructure investment will play a more significant role in stabilizing the economy. He predicted that the growth rate of infrastructure investment in the whole year is expected to reach 5.0%, 0.6 percentage points higher than that of last year. The capital support will come from the new local government special bonds and the extra long term special treasury bond bonds that may be expanded.

In terms of real estate investment, the national real estate development investment from January to August decreased by 12.9% year-on-year, with the decline widening by 0.9 percentage points. During the same period, the sales area of commercial housing decreased by 4.7% year-on-year, and the funds received by real estate companies decreased by 8.0%. Despite a decrease in the unsold area of commercial housing at the end of August compared to July, the market still faces pressure from high inventory and insufficient demand. Wang Qing expects that with the effective implementation of credit support policies such as "whitelist" loans, the decline in real estate investment for the whole year is expected to narrow to about -9.0%. However, Wu Chaoming, Chief Economist of Caixin Financial Holdings, pointed out that the real estate market is still in the bottom building stage and it will take time to stabilize and recover.

The investment performance in the manufacturing industry is relatively stable, with a year-on-year increase of 5.1% from January to August, but the growth rate has also decreased by 1.1 percentage points compared to the previous seven months. Wang Qing believes that due to the impact of external economic and trade frictions and the "anti internal competition" policy, the growth rate of manufacturing investment may continue to slow down, and is expected to remain around 5.5% for the whole year. However, the large-scale equipment update policy is expected to provide support in the fourth quarter. Keywords: infrastructure construction, infrastructure projects, infrastructure engineering projects, infrastructure news and information

Several experts have pointed out that with continuous policy efforts and gradual funding, infrastructure investment is expected to rebound by the end of the year and become a key force for stable growth, while real estate and manufacturing investment will still face certain downward pressure. Editor/Xu Shengpeng