Strengthening efforts to curb runaway investment by tightening lending is unlikely to slow down fixed-asset investment growth drastically in the mainland, The Standard reported, citing economists. Jing Ulrich, JPMorgan's chairman of China equities, said FAI growth will remain the most important driver for the mainland's economic growth in the foreseeable future. "Although Beijing has used a combination of measures to slow down the FAI growth by issuing guidelines for several overheated industries and tightening lending to contain overinvestment in the property sector, all of them are external measures and don't have much impact on the companies' retained earnings, which has been the major source of FAI funding," she said. Ulrich said that since most state-owned enterprises do not pay dividends to their majority shareholder, the government, they can reinvest most of their earnings. Ma Jun, Deutsche Bank's chief China economist in Hong Kong also said that the central authorities will have to resort to more aggressive administrative means and party discipline to rein in investment growth, wrote the paper, quoted Reuters.