Capital investment drops

China's fiscal spending in May grew by 1.9% year-on-year, to US$20.9 billion (RMB 172.1 billion) while capital investment dropped 15.4%, the National Bureau of Statistics said. NBS attributed the decrease in capital projects to government efforts to cool overheated industries. According to bureau figures, fiscal revenue in the January through May period climbed 32.4%, to US$146 billion, while expenditures climbed only 13.8%, to US$100.02 billion, leaving a US$44.5 billion surplus.