Weak credit survey shows China economy slowing

China’s economic development slowed further this quarter as capital spending showed weakness and fewer companies applied for credit, Bloomberg reported, citing a quarterly report by China Beige Book International. Fewer than half of businesses reported higher investment, the smallest proportion and sharpest drop since the survey began ten quarters ago. The slowdown hurt hiring and wages, and interest rates offered by shadow lenders fell below those offered by banks. For the first time since the survey began, no sector showed improvement compared with the previous quarter.