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China's fixed asset investment growth in urban areas reached 5.26 trillion yuan (US$657 billion) in the first eight months of the year, up 29.1 percent over the same period last year, the National Bureau of Statistics (NBS) said on Thursday.

Investment in real estate, a sector the central government has been trying to cool down, reached 1.1 trillion yuan, up 24 percent.

Investment in projects authorized by the central government hit 568.2 billion yuan, up 29.4 percent over the same period last year. Projects approved by local governments topped 4.69 trillion yuan, an increase of 29.1 percent.

Investment in the coal mining industry grew 36.3 percent, the power industry was up 15.4 percent and railways 129.1 percent. Investment in the non-metal sector rose 46.1 percent, ferrous metal investment increased 4.3 percent and non-ferrous metal 42.2 percent.

The sharp rise in fixed asset investment is considered the major factor driving China's economic growth.

Although essentially healthy, the sharp rise in fixed asset investment is potentially a risk for China which is trying to re-orient its economy in a more efficient and environmentally-friendly direction.

To prevent the economy overheating, the government has adopted a series of measures, including tightening the money supply to absorb liquidity in the inter-bank market, using administrative measures to limit investment in the real estate sector, tightening control on investment projects and easing management on capital outflows.

The growth of urban fixed asset investment during the eight months was 1.4 percentage points lower than in the January-July period, but is still considered to be in the "hot" range.

(Xinhua News Agency September 14, 2006)