China Investment Dashboard: 2026Q3: Investment Growth Slowed Further on Fiscal Tightening and Property Weakness

Headline FAI growth slowed further in Q3. Our proprietary investment tracker indicates that China's real investment growth edged down to 1.9% yoy in Q3 from 2.0% yoy in Q2, the slowest pace since Q4 2021, with FAI divergences remaining significant between SOEs and non-SOEs, coastal and inland regions, and high-tech and other industries. On the fiscal side, the 12-month moving average of the augmented fiscal deficit fell to 9.4% of GDP in September, the lowest since October 2015, and a negative fiscal impulse shaved an estimated 0.6pp off sequential annualized growth from Q2 to Q3;