State media reported China's first quarter fixed asset investment grew 22.8% year-on-year, down 20.2% from a year ago, leading some economists to predict more room for fixed asset investments to grow despite continuing macro-control measures — which some economists say could see further interest rate hikes. Last October, the People's Bank of China raised interest rates for the first time in nine years, increasing the benchmark lending rate by 27 basis points to 5.58%.