China sees rapid rise in urban investment – Richard McGregor

From AP:

China recorded a rapid increase in urban investment in the five months to May, heightening expectations that Beijing will introduce further tightening measures to temper the economy’s high-speed growth.

The rise in investment matches the large expansion of credit this year, with banks lending Rmb209.4bn ($26.2bn) in the five months to May, up 16 per cent year-on-year and contributing to a rise in broad money supply of more than 19 per cent, well ahead of government targets.

The persistent strength of investment, which accounts for about 40 per cent of economic growth in China, and an expanding trade surplus have forced many economists to upgrade their forecasts for full-year GDP growth this year.[Full Text]

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