China’s Richest Man Sees Economic Growth Slowing in Second Half

China’s richest man Zong Qinghou said the nation’s growth will slide further in the second half of the year and proposed cutting taxes and breaking up monopolies to drive an economic recovery.

“People will only invest if there is prospect of making a profit,” Zong, chairman of food and beverage conglomerate Hangzhou Wahaha Group Co., said in an interview in Beijing yesterday. “Medium and small companies are not willing to take loans. If they can’t make a profit, why bother taking a loan?”