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Fixed asset investment in China's urban areas rose to more than seven trillion yuan (US$875 billion) in the first ten months, up 26.8 percent from the same period last year, a quarterly report of the National Bureau of Statistics (NBS) said on Thursday.

 

Investment in the real estate, a sector the central government has been desperately trying to rein in, grew 24.1 percent to 1.46 trillion yuan, according to the report.

 

Investment in projects authorized by the central government increased by 29.6 percent and in local government-approved projects by 26.5 percent over the same period last year.

 

Among the industries, the railway sector saw a 104.2-percent increase year on year; investment in coal mining grew 31.8 percent; and energy was up 15.3 percent.

 

Urban fixed asset investment grew by a record 33 percent in June. The growth rate fell to 27.4 percent in July, 21.5 percent in August and bounced back to 23.6 percent in September.

 

The sharp rise in fixed asset investment is considered a major factor driving China's economic growth.

 

To prevent the economy overheating, the central government has adopted a series of measures, including tightening money supply to absorb liquidity in the inter-bank market, administrative measures to limit investment in the real estate sector, tighter controls on investment projects and easing management of capital outflows.

 

(Xinhua News Agency November 16, 2006)