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The perturbative renormalizability of the 2-Killing vector reduction of general relativity is investigated. Although non-renormalizable in the standard sense, we show that to all orders of the loop expansion strict cut-off independence can be regained in a space of Lagrangians differing only by a field dependent conformal factor. In particular the Noether currents and the quantum constraints can be defined as finite composite operators. The functional form of the conformal factor depends on the renormalization scale and a closed formula is obtained for the beta functional governing its flow. The flow possesses a unique fixed point at which the trace anomaly is shown to vanish. The approach to the fixed point is compatible with Weinberg's ``asymptotic safety'' scenario

Renormalization and asymptotic safety in truncated quantum Einstein gravity