Core Viewpoint - The data released by the National Bureau of Statistics indicates a modest growth in fixed asset investment in China, with a notable shift towards high-tech industries and improved investment quality [1][2][5]. Investment Overview - In the first half of the year, total fixed asset investment (excluding rural households) reached 248,654 billion yuan, reflecting a year-on-year growth of 2.8%. When excluding real estate development investment, the growth rate was 6.6% [1][2]. - Infrastructure investment increased by 4.6% year-on-year, while manufacturing investment saw a growth of 7.5%. Conversely, real estate development investment declined by 11.2% [1][2]. Sector Analysis - Investment in the primary industry grew by 6.5%, the secondary industry saw a 10.2% increase, while the tertiary industry experienced a decline of 1.1%. Private investment decreased by 0.6%, but other private investments (excluding real estate) grew by 5.1% [4]. - The sales area of newly built commercial housing was 45,851 million square meters, down 3.5% year-on-year, with sales revenue of 44,241 billion yuan, a decrease of 5.5% [2]. Investment Structure and Trends - The manufacturing sector's investment accounted for 25.2% of total fixed asset investment, an increase of 1.1 percentage points compared to the same period last year. High-tech service industry investment grew by 8.6%, surpassing the overall fixed asset investment growth rate [5]. - The shift towards high-tech investment is characterized by a focus on new productive forces and alignment with demand, which is expected to enhance investment returns and strengthen industrial competitiveness in the long run [5]. Real Estate Sector Insights - The real estate sector is undergoing an adjustment phase, requiring a longer time for structural transformation. Future investments in real estate will demand higher quality and more precise calculations to match supply with demand for better housing [4]. - The long-term outlook for high-quality development in real estate is positive, as it is linked to national strategies such as new urbanization, urban renewal, and ecological civilization construction [4].

15日，国新办就2025年上半年国民经济运行情况举行新闻发布会。 国家统计局副局长盛来运在会上表示，上半年，经济运行总体平稳、稳中向好，生产需求稳定增长，就 业形势总体稳定，居民收入继续增加，新动能成长壮大，高质量发展取得新进展，社会大局保持稳定。 经济运行"稳"的主基调没有变 盛来运表示，上半年一个很突出的特点就是经济运行"稳"。增长稳中略升，上半年GDP同比增长5.3%， 增速比去年同期和全年均提升0.3个百分点。调查失业率总体平稳，今年以来，月度调查失业率基本在 5.0%—5.4%区间波动。物价低位运行，基本平稳。国际收支基本平衡，货物贸易进出口创同期新高， 外汇储备维持在3.2万亿美元以上。从以上四大宏观指标看，经济运行"稳"的主基调没有变。 视频：国家统计局：上半年GDP同比增长5.3%来源：中国新闻网 下半年中国经济保持稳定增长有支撑 盛来运称，不少国际机构还有一些投行对全球经济预测发表展望报告，多数机构都是预测下半年全球经 济放缓，但这些机构大多不约而同调高了中国经济增长的预期。这显示了国际机构和投行对中国经济发 展的信心。从下半年情况看，尽管外部环境还有不少不确定性，内部结构调整的压力较大。但 ...

Economic Performance - In the first half of the year, China's GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - The GDP growth for the first quarter was 5.4%, while the second quarter saw a growth of 5.2% [1] - The quarter-on-quarter GDP growth in the second quarter was 1.1% [1] Sector Performance - Agricultural value added grew by 3.7%, with a total summer grain output of 149.74 million tons [1] - Industrial value added for large-scale enterprises increased by 6.4%, with equipment manufacturing and high-tech manufacturing growing by 10.2% and 9.5% respectively, outpacing the overall industrial growth by 3.8 and 3.1 percentage points [1] - The service sector's value added rose by 5.5%, accelerating by 0.2 percentage points compared to the first quarter [1] Investment and Consumption - The total retail sales of consumer goods reached 24,545.8 billion yuan, growing by 5% year-on-year, which is an acceleration of 0.4 percentage points from the first quarter [1] - Fixed asset investment (excluding rural households) amounted to 24,865.4 billion yuan, with a year-on-year growth of 2.8%; excluding real estate development investment, the growth was 6.6% [1] Trade and Employment - The total import and export value of goods was 21,787.6 billion yuan, with a year-on-year increase of 2.9% [2] - The share of private enterprises in total imports and exports rose to 57.3%, an increase of 2.3 percentage points from the previous year [2] - The average urban unemployment rate was 5.2%, a decrease of 0.1 percentage points from the first quarter [2] Consumer Prices and Income - The Consumer Price Index (CPI) decreased by 0.1% year-on-year, while the core CPI, excluding food and energy, increased by 0.4%, expanding by 0.1 percentage points from the first quarter [2] - The per capita disposable income of residents was 21,840 yuan, with a nominal year-on-year growth of 5.3%, and a real growth of 5.4% after adjusting for price factors [2] Policy Outlook - The macroeconomic policies have shown effectiveness, contributing to a stable and improving economic performance [2] - There is a need to strengthen domestic demand and ensure sustainable economic recovery amidst external uncertainties [2]

Economic Overview - The preliminary GDP for the first half of 2025 is 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices [2] - The industrial added value for large-scale industries increased by 6.4% year-on-year in the first half, with a 6.8% growth in June [5] Investment and Consumption - National fixed asset investment (excluding rural households) reached 24,865.4 billion yuan in the first half, marking a year-on-year increase of 2.8% [8] - The total retail sales of consumer goods amounted to 24,545.8 billion yuan in the first half, reflecting a year-on-year growth of 5.0%, with a 4.8% increase in June [11] Price Indices - The Consumer Price Index (CPI) decreased by 0.1% year-on-year in the first half, with a slight increase of 0.1% in June [15] - The Producer Price Index (PPI) fell by 2.8% year-on-year in the first half, with a 3.6% decline in June [16] Financial Indicators - The total social financing scale increased by 22.83 trillion yuan in the first half, which is 4.74 trillion yuan more than the same period last year [19] - New RMB loans added up to 12.92 trillion yuan in the first half [20] - The broad money supply (M2) reached 330.29 trillion yuan at the end of June, showing a year-on-year growth of 8.3% [21] Trade Performance - The total import and export value of goods reached 21.79 trillion yuan in the first half, reflecting a year-on-year growth of 2.9% [25]

国家统计局副局长盛来运今日在新闻发布会上表示："现阶段固定资产投资潜力仍然非常大，要注重调 动民间投资的积极性。投资增速放缓不意味着投资空间收缩，现阶段高质量发展投资潜力非常大，比如 新质生产力领域，还有城市更新改造、民生"补短板"方面，都需要有效投资。所以，我们要更好地按照 高质量发展要求，优化投资布局，改善投资环境，充分调动民间投资积极性，持续推动投资健康发 展。"(人民财讯) ...

Economic Performance - In the first half of the year, the domestic GDP reached 66,053.6 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - The primary industry added value was 31,172 billion yuan, growing by 3.7%; the secondary industry added value was 239,050 billion yuan, growing by 5.3%; and the tertiary industry added value was 390,314 billion yuan, growing by 5.5% [1] - In Q1, the GDP grew by 5.4% year-on-year, while in Q2, it grew by 5.2% [1] - The quarter-on-quarter GDP growth in Q2 was 1.1% [1] Industrial and Service Sector Growth - The industrial added value for large-scale enterprises increased by 6.4% year-on-year in the first half of the year [1] - The service sector's added value also grew by 5.5% year-on-year [1] - The total retail sales of consumer goods reached 245,458 billion yuan, with a year-on-year growth of 5.0% [1] - Fixed asset investment (excluding rural households) was 248,654 billion yuan, growing by 2.8% year-on-year [1] - The total import and export value was 217,876 billion yuan, with a year-on-year increase of 2.9% [1] June Economic Indicators - In June, the industrial added value for large-scale enterprises grew by 6.8% year-on-year [2] - The retail sales of consumer goods in June increased by 4.8% year-on-year [2] Policy and Economic Outlook - The macroeconomic policies have shown effectiveness, leading to a stable and improving economic trend [2] - There are external uncertainties and insufficient domestic demand, indicating that the foundation for economic recovery needs to be strengthened [2] - Future efforts will focus on balancing domestic economic work and international trade challenges, emphasizing the importance of high-quality development to address external uncertainties [2]

Fixed Asset Investment Trends - China's nationwide fixed asset investment (excluding rural households) increased by 2.8% year-on-year, totaling 248654 billion yuan from January to June, a slowdown of 0.9 percentage points compared to January-May [1] - Fixed asset investment growth in China's eastern and northeastern regions turned negative in the first half of the year [1] Sector-Specific Investment - Manufacturing investment increased by 7.5% [1] - Infrastructure investment (excluding power, heat, gas, and water production and supply) increased by 4.6% [1]

Investment Overview - National fixed asset investment (excluding rural households) increased by 2.8% year-on-year, totaling 2486540 million yuan [1] - The growth rate of fixed asset investment slowed down by 0.9 percentage points compared to January-May [1] - Manufacturing investment increased by 7.5% [1] - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) increased by 4.6% [1] Regional Investment - Investment in the eastern region decreased by 0.8% year-on-year [1] - Investment in the central region increased by 3.2% year-on-year [1] - Investment in the western region increased by 4.8% year-on-year [1] - Investment in the northeastern region decreased by 1.9% year-on-year [1] Investment by Enterprise Type - Fixed asset investment by domestic enterprises increased by 2.8% year-on-year [1] - Fixed asset investment by Hong Kong, Macao, and Taiwan enterprises increased by 4.8% year-on-year [1] - Fixed asset investment by foreign-funded enterprises decreased by 13.6% year-on-year [1]

国家统计局：2025年上半年全国固定资产投资增长2.8% 智通财经7月15日电，国家统计局数据显示，2025年上半年，全国固定资产投资（不含农户）248654亿 元，同比增长2.8%。其中，民间固定资产投资同比下降0.6%。扣除价格因素影响，固定资产投资（不 含农户）同比增长5.3%。从环比看，6月份固定资产投资（不含农户）下降0.12%。分产业看，第一产 业投资4816亿元，同比增长6.5%；第二产业投资88294亿元，增长10.2%；第三产业投资155543亿元， 下降1.1%。第二产业中，工业投资同比增长10.3%。其中，采矿业投资增长3.4%，制造业投资增长 7.5%，电力、热力、燃气及水生产和供应业投资增长22.8%。第三产业中，基础设施投资（不含电力、 热力、燃气及水生产和供应业）同比增长4.6%。其中，水上运输业投资增长21.8%，水利管理业投资增 长15.4%，铁路运输业投资增长4.2%。 ...

Core Insights - In the first half of 2025, China's fixed asset investment (excluding rural households) reached 24.8654 trillion yuan, showing a year-on-year growth of 2.8% on a comparable basis [1][7]. Investment Overview - Private fixed asset investment decreased by 0.6% year-on-year, while state-owned investment grew by 5.0% [1][7]. - When adjusted for price factors, fixed asset investment increased by 5.3% year-on-year [1]. Sector Analysis - Investment in the primary industry was 481.6 billion yuan, up 6.5% year-on-year [3][7]. - The secondary industry saw an investment of 88.294 trillion yuan, growing by 10.2% [3][7]. - The tertiary industry experienced a decline in investment by 1.1%, totaling 155.543 trillion yuan [3][7]. Industrial Breakdown - Within the secondary industry, industrial investment rose by 10.3% [4]. - Notable growth was observed in the electricity, heat, gas, and water production and supply sector, which increased by 22.8% [4][8]. - Infrastructure investment (excluding electricity, heat, gas, and water production and supply) in the tertiary sector grew by 4.6% [4]. Regional Investment Trends - Eastern regions saw a decline in investment by 0.8%, while central regions grew by 3.2% and western regions by 4.8% [5]. - The northeastern region experienced a decrease of 1.9% in investment [5]. Investment by Registration Type - Domestic enterprises' fixed asset investment increased by 2.8%, while investment from Hong Kong, Macau, and Taiwan enterprises grew by 4.8% [6][7]. - Foreign enterprises' investment saw a significant decline of 13.6% [6][7].