Chinese investment grew at its slowest pace in more than a decade in the first 10 months of the year, while factory output missed expectations, adding to pressure on authorities to adopt fresh measures to boost the economy.

The data will add to fears that weak investment will lead to a sharper-than-expected deceleration in China’s overall economy. But economists say slower growth is inevitable as China shifts to a growth model in which consumption plays a larger role. The challenge for policy makers is to ensure that the investment slowdown is gradual enough to avoid a spike in unemployment and acute stress in the financial system.

Fixed-asset investment grew 15.9 per cent in the year to October compared with a year earlier, the weakest pace since December 2001, dragged down by a slowdown in property investment amid a continuing decline in home sales.