China’s economy is showing mounting signs of deterioration from manufacturers to banks, raising the risk that outgoing Premier Wen Jiabao will miss his growth target for the first time since taking office in 2003.
China grew into the world’s leading shipbuilder over the last decade as hundreds of private yards opened to compete with state-run companies. Now, the government is poised to regain control as the industry heads for consolidation.
Industrial & Commercial Bank of China Ltd. led the nation’s biggest lenders in posting profit that beat analyst estimates, defending their lending margins even as economic expansion slowed to a three-year low.
Bonds issued by China developers are rebounding from their worst first half in two years as a record $6.8 billion in offshore debt sales spurs confidence the borrowers have the resources to weather a slowing economy.
Suez Environnement, Europe’s second-biggest water company, and Chinese partners agreed to build an incinerator near Shanghai to treat hazardous and medical waste that will generate steam and supply energy.