Credit Slowdown Hits FAI, Slows to 3.9pc Growth in May

Fixed asset investment increased 3.9 percent in May, slowing the YTD growth through May to 6.1 percent. Although credit has been harder to come by for private companies, the slowdown in investment was driven by state-owned firms.

NBS: 2018年1-5月份全国固定资产投资（不含农户）增长6.1%

Private fixed asset investment also slowed, but more modestly to 7.4 percent in May and 8.1 percent YTD through May.

SOE investment growth was negative 1.7 percent in May, slowing to 4.1 percent YTD through May.