China’s urban fixed-asset investment grew 16.1 percent year-on-year to 35.78 trillion yuan ($5.8 trillion) in the first nine months of 2014, the National Bureau of Statistics announced on Oct 21.

The growth pace retreated 0.4 percentage point from the rate seen during the Jan-Aug period, largely due to a continuing downturn in the real estate market that has restrained investment in the sector as well as related industries.

The NBS said property investment slowed further in the Jan-Sept period, growing only 12.5 percent year-on-year, down 0.7 percentage points from the growth rate in the first eight months.

The sluggish property market, a major growth engine for China, dragged down growth in the broader economy, which slowed to 7.3 percent in the third quarter.

Notably, social investment gained 18.3 percent during the period, accounting for 64.7 percent of total investment.

Kuang Xianming, Director of the Research Center for Economy under the China Institute For Reform and Development, said that to stimulate investment growth, China needs to break monopolies in more industries to invigorate social capital.

Between January and September, investment in the primary industry went up 27.7 percent, followed by a 17.4-percent rise in the tertiary industry and 13.7 percent in secondary.

During the period, investments in infrastructure (excluding the power industry) rose 22.2 percent to 5.9 trillion yuan, according to the data.

Fixed-asset investment in China’s western regions witnessed the fastest growth rate of 17.9 percent during the period, followed by 17.8 percent in central regions and 14.9 percent in the east, the data showed.