China's fixed asset investment, a main indicator of government investment in infrastructure and in manufacturing, slowed in October.
Government statistics showed the number of projects begun during the month dropped by 17.8 percent from September.
October's fixed asset investment stood at RMB 395.4 billion (US$47.6 billion), 22.6 percent higher than the same month last year but the growth rate, which was 3.9 percentage points lower than September's, is the slowest in recent months.
This is the latest sign that government efforts to rein in credit are paying off.
Fixed assets investment grew year-on-year by 30.2 percent to RMB 3 trillion (US$367 billion) in the first 10 months of 2003, but the growth rate was 1.2 percentage points lower than in the first nine months.