Since recent 50 years,Chinese investment fluctuation concludes five different scales and one trend,2.7 years featured by small scale,40 years featured by large scale and trend are the major ones.On the view of trend,Chinese investment fluctuation is mainly related with the change of macro-economic policies.On the view of 40 years scale,through analyzing the factors affecting Chinese investment in the 1980's and the 1990's,it can be seen that fixed assets is affected more and more by labor,investment flexibility coefficient,industry and its major products,transport infrastructure,price,changes in inventories,education,urban consumption level and grain.The agriculture production value and foreign trend affects the investment fluctuation decreasingly.