China’s economy improved "modestly and unsustainably" in the second quarter of this year fuelled by borrowing, with shadow finance rocketing, and Beijing is likely to introduce more stimulus if the economy weakens further according to the quarterly Beige Book report.
The manufacturing and retail sectors outperformed, with policy support allowing manufacturers to borrow cheaply and the retail sector seeing strong profits and sales volumes. However, the downside risks to the economy look more serious, the research firm wrote, referring . . .
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