Fixed-asset investment in China slowed to its weakest pace since 2000 in the January through May period. A look below the headline figure shows why, with private business investment expanding just 3.9 percent as some heavy industries downsize. "That underscores the reliance of the economy on policy driven support, with entrepreneurs’ animal spirits damped by continued concerns about the outlook," according to Bloomberg Intelligence economists Tom Orlik and Fielding Chen.

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