Private Survey Reveals, Firms in China Show resilience in the Third Quarter
Although some improvements were noticed in the Chinese economy in recent times during the third quarter, but that can hardly be called a "game changer".
A private survey of companies, operating in China slowed that manufacturing activities were at their most sluggish level in the past two years during the period July-September.
However, the services sector was stronger in quarter-to-quarter as well as for year-to-year. The survey was conducted by the China Beige Book International that took 2,100 firms into account. The group said, as the exports from China proved weaker, they did not make up as a significant driver for the overall growth of the country.
In the third quarter, the profit margins also improved in the Chinese firms where as the demand for loan continued to be weak, showed the survey. The overall results suggested that the recent stock market crash would cause a nominal blow to the broader economy.
Although, the revenue growth plummeted on a quarter-on-quarter basis and thirty eight percent of firms included in the survey revealed plans of hiring more staff during the next quarter, which is four percent drop compared to the previous, the authors highlighted the comparative resilience of the corporate sector moving towards the end of the year.
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