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From January to April, investments declined again, down 1.6% year-on-year; new infrastructure such as computing power is accelerating deployment.
**【Caixin.com】**The steady growth trend in fixed-asset investment in the first quarter of 2026 was not sustained into April. The investment growth rate turned negative again, underperforming market expectations.
Data released by the National Bureau of Statistics on May 18 shows that in January to April, nationwide fixed asset investment saw a cumulative year-on-year decrease of 1.6%, with the growth rate down by 3.3 percentage points from the first quarter. After excluding real estate development investment, investment increased by 1.3% year-on-year, which is 3.5 percentage points lower than the prior figure. From the seasonally adjusted month-on-month comparison, investment fell by 2.36% in April, remaining negative for two consecutive months, with the decline widening, indicating that investment momentum has continued to cool.
The year-on-year performance of investment from January to April was far below market expectations. In a recent survey by Caixin Media of domestic and overseas institutions, the forecast average from 11 institutions for investment growth rates was 1.7%, with a forecast range of 1.4% to 2.4%.