China's economy seen slowing

Steel price cuts, slower growth in oil demand and a new survey indicating easing raw material shortages are giving fresh evidence that China's growth is slowing, state media reported. Excess capacity and an investment-led boom has "borrowed growth from the future", according to Morgan Stanley economist Andy Xie, who added that the slowdown, which could last two years, would also see the sale of surplus properties developed in anticipation of speculative demand that has now waned.