China’s slowing investment growth comes alongside a more optimized investment structure, driven by steady gains in manufacturing, Fu Linghui, spokesperson for the National Bureau of Statistics, said Friday.

Fu’s comments followed the release of October economic indicators, which showed fixed-asset investment falling 1.7% in the first 10 months from a year earlier.

He attributed the deceleration to a combination of factors. Externally, China faces a complex and challenging global environment, while domestically, heightened competition has eroded investment returns, prompting greater caution among businesses. This has been reflected in weaker corporate profits and a slowdown in private-sector investment, Fu said.

At the same time, he highlighted that manufacturing investment continues to expand, supported by the upgrading of traditional industries and the rapid development of emerging manufacturing sectors. This shift, he said, signals ongoing efforts to reshape China’s industrial structure despite broader investment headwinds.