Growth in fixed asset investment in China slowed more than expected in October as spending by both the state and private sector edged lower, while retail sales and industrial output also softened more than expected.

Urban fixed-asset investment grew 7.3 per cent in the first ten months of 2017, according to figures from China’s National Bureau of Statistics, down from a pace of 7.5 per cent in the year through September and missing a median forecast of 7.4 per cent from economists polled by Reuters.

The latest reading on business investment marked a new low for 2017 and inched closer to a near-18-year low of 6.3 per cent touched in December 1999. Investment by state-run companies to the end of October was rose 10.9 per cent, down from the previous reading of 11 per cent, while that at private companies grew 5.8 per cent for the period, softening from 6 per cent at the end of September.