Growth in foreign investment in China slows

BEIJING - Growth in China's foreign direct investment slowed further in June as the government tried to cool its overheated economy, data showed Friday.

Foreign investment in factories and other assets rose 2.9 percent over a year ago to $12.8 billion, the Commerce Ministry reported. That was down from May's 13.4 percent growth.

Growth in China's FDI has declined sharply following repeated interest rate hikes and government-imposed investment curbs to tame surging inflation and cool an economy that grew 9.5 percent in the latest quarter.

FDI rose 32.9 percent in March and 15.2 percent in April.

China is a top investment destination and says FDI last year totaled $105.7 billion. FDI does not include investment in stocks and other financial assets