British business piles into China

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British companies are among the biggest investors, with companies including InterContinental Hotels, Tesco and Kingfisher growing operations there.

Private-equity groups such as 3i are also part of the flood of investment funds backing businesses there.

Spending by overseas countries in May was $7.8 billion (£3.97 billion), the country's Ministry of Commerce said.

For the first five months, investment climbed 55% to $42.8 billion.

The figures are sure to alarm authorities already trying to soak up excess cash fuelling inflation.

Big trade surpluses are the other major factor. The central bank is raising the portion of deposits banks must set aside as reserves to a record 17.5% from 25 June.

It is also launching a programme of selling bills to soak up liquidity.