China's fixed-asset investment (FAI) experienced a significant decline of over 11% year-over-year in October 2024, marking the steepest monthly drop since early 2020. This downturn is largely attributed to the government's anti-involution policies aimed at curbing industrial overcapacity, coupled with weak demand and specific sector challenges. Analysts caution that this decline could impact fourth-quarter GDP growth, given that investment constitutes nearly half of China's economic activity.