China’s economy was less healthy in the third quarter than a recent spate of upbeat data suggest, with growth coming exclusively from manufacturing and property while the services and retail sectors faltered, a private survey showed.
Manufacturing posted its fastest expansion nationally, with 53 percent of companies seeing revenue gains, up 3 percent from a year earlier, a quarterly survey of more than 3,100 firms by China Beige Book International (CBB) showed.
While a government infrastructure building spree and housing boom have given a much needed boost to “old economy” firms from steel mills to cement makers, CBB noted foreign orders had also improved.
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