China Growth Last Quarter Seen Worst Since Global Recession
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For Zhu Zhangjin, the boss of a furniture factory in eastern China, the cost of finance is still one of the “mountains” weighing on his business’s profitability.
Borrowing costs are the “highest among all major economies,” said Zhu, chairman of Zhejiang province-based Kasen International Holdings Ltd., naming rising labor expenses and tax rates as other headaches. “It really hurts manufacturing businesses where profit margins are already thin.”