“对投资下滑，既要高度重视也要沉着冷静”

Core Viewpoint - China's fixed asset investment has experienced a significant decline, with a year-on-year decrease of 2.6% from January to November, and a month-on-month decline of 1.03% in November. This situation requires both serious attention and a calm perspective, as investment plays a crucial role in economic performance and reflects market expectations for the future [1][2]. Investment Trends - Excluding real estate development, project investment has shown a growth of 0.8%, indicating that the decline in investment is not uniform across all sectors. Notably, investments in information services have surged by 29.6%, while investments in railway, shipbuilding, aerospace, and other transportation equipment manufacturing have increased by 22.4%. The internet and related services sector has also seen a year-on-year growth of 20.7%, highlighting the robust development of new industries and technologies [2][4]. Real Estate Sector - Real estate development investment has dropped by 15.9% in the first eleven months, significantly dragging down overall investment growth. The shift in urban development from large-scale expansion to improving existing stock is evident, and the rapid growth in real estate is expected to undergo a deep adjustment. The central economic work conference has emphasized the need to stabilize the real estate market, with several economists suggesting a potential stabilization and recovery in the sector [4][5]. Future Investment Potential - Despite the current decline, there remains substantial potential for investment in China. For instance, the international data company predicts that China's intelligent computing power will continue to grow rapidly, potentially doubling by 2026 compared to 2024. Additionally, achieving carbon peak and neutrality by 2030 is projected to require investments exceeding 2% of GDP, creating significant investment demand. Compared to many high-income countries, China still has gaps in infrastructure capital stock and healthcare resources, which represent both current shortcomings and ongoing investment opportunities [5][6]. Policy Measures - The central economic work conference has outlined systematic measures to address current investment challenges. These include maintaining necessary fiscal deficits and total debt levels, promoting investment stabilization, optimizing project implementation, stimulating private investment, and enhancing regulations to support the private economy. These targeted actions aim to form a comprehensive strategy to stabilize investment [5][6].