A quarterly survey of mainland chief financial officers shows that companies are planning to cut spending, shed staff and cut outsourcing jobs, the South China Morning Post reported. The findings represent a sharp reversal of business sentiment as just as recently as September mainland companies were expected to increase hiring and spending, according to the Duke University/CFO Magazine business outlook survey. Hiring is expected to fall to 1.4% rather than grow at the 7.5% predicted in September, and 78.4% of the surveys respondents were less optimistic about the mainland’s economy, while 65.1% said they were less optimistic about the financial prospects of their own companies.
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