China's Fu, spokesperson for the National Bureau of Statistics, said fixed-asset investment fell 7.2% YoY in the first eight months, driven by multiple factors. Frequent extreme weather (heat, typhoons, floods) disrupted construction and a more volatile external environment, together with an ongoing transition between old and new growth drivers, has left firms cautious on investment. Fu said headline growth alone is an insufficient measure of investment effectiveness; market attention should be on whether spending targets transformation and upgrading and whether it builds long-term momentum. Total fixed-asset investment remains large at nearly CNY30 tln. Fu added that structural and quality analysis shows investment in new growth drivers expanded despite the overall decline, with many sectors recording faster investment growth as capital shifts from scale expansion toward tech innovation, industrial upgrading and foundational support.(金十)