Foreign investment in China slowed in May as the government's efforts to cool the overheated economy made headway, the Commerce Ministry said Wednesday.

Foreign spending on factories and other nonfinancial assets rose by 13.4 percent from a year earlier to $9.2 billion, the ministry said. That was slightly slower than April's 15.2 percent rise and less than half of March's rapid 32.9 percent growth rate.

The government has tightened investment curbs and hiked interest rates four times since October to cool an economy that grew by 9.7 percent in the first quarter of the year.

Foreign direct investment in China plunged after the global crisis in 2008 but rebounded strongly last year as companies rushed to take advantage of the country's quick recovery.

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.