Fixed asset investment growth slowed in May, the National Bureau of Statistics reported. It stood at US$52.9 billion, an increase of 18.3% over the same period year on year, compared to an increase of 21.3% in April. In the first five months of 2004, fixed asset investment grew by 34.8% year on year compared with 42.8% for the first four months. In the first two months of 2004 fixed asset investment grew by 53% year on year. The government said the data indicated policies aimed at cooling the economy are working.