JUNE 14:? China’s industrial production rose the most in two years in May, reinforcing expectations the central bank will further restrict lending in the world’s fastest-growing major economy.

Output at factories, mines and power plants climbed 17.9% after rising 16.6 percent in April, the Beijing-based National Bureau of Statistics said in a statement on Wednesday. The gain beat every forecast in a Bloomberg News survey of 22 economists.

Accelerating production, exports, retail sales and money supply last month suggests the central bank’s April 28 lending rate increase may not be enough to cool the economy. China wants to rein in a credit-fueled investment boom that’s creating excess capacity, driving prices and profits down in some industries.

‘‘This should send a signal to the government that it needs to take firmer measures to control investment and liquidity,’’ said Zuo Xiaolei, chief economist at Galaxy Securities in Beijing. Higher capacity ‘‘will push prices down, harm profits and cause more bad debts and ultimately lead to a sharp slowdown.’’ Output reached a record 706 billion yuan ($88.2 billion) in May. Adjusting for distortions caused by the timing of the weeklong Lunar New Year holiday, the increase was the biggest since April 2004. The yuan rose to a one-month high of 8.0029 per dollar at 11:32 a.m. in Shanghai.

Rising consumer spending and surging exports have kept production in the world’s biggest maker of steel and mobile phones expanding at more than 16 percent each month in the past year, double the pace of India and South Korea. Premier Wen Jiabao is trying to slow parts of an economy that grew 10.3% in the first quarter, as an investment boom left manufacturers saddled with excess capacity. His task is being made more difficult as banks extend more loans for new investment projects, Chinese consumers become more affluent, and overseas demand for the nation’s exports increases.