Half of businesses reported higher investment, the smallest proportion and the sharpest drop since the survey began 10 quarters ago, according to the China Beige Book, a report published quarterly by New York-based China Beige Book International. The slowdown hurt hiring and wages, and interest rates offered by shadow lenders fell below levels offered by banks, it said.
For the first time since the China Beige Book survey began in 2012, no sector showed an improvement compared with the previous quarter, according to the report. Transportation, mining and retail slowed and services weakened more sharply.
The survey showed “dramatic differences” between parts of the real estate industry, with commercial and residential realty “pummelled while construction held up fairly well,” the China Beige Book said
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