China’s downturn is spreading to the sectors and companies that were expected to withstand the slowdown and drive growth in the region.
Financial Times analysis shows that a third of publicly listed Chinese companies suffered cash outflows in the quarter to the end of June as the combined effect of the slowdown in exports, a build-up in stocks and tightening local government finances begins to bite.
Cash balances at a tenth of 1,700 companies analysed by the FT using data from S&P Capital IQ have turned negative in the past two quarters.
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