Economics
China’s Stocks Head for Longest Weekly Losing Streak Since 2004
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China’s stocks headed for their longest weekly losing streak since 2004 on concern small companies are struggling to borrow money because of a cash crunch and that an export slowdown will drag down the economy.
SAIC Motor Co. fell 2 percent, leading declines for consumer companies that are reliant on growth in China’s economy. Ufida Software Co. slid 3.5 percent, adding to a 12 percent plunge this week. Tianjin Tasly Pharmaceutical Co. dropped to the lowest level since April, pacing declines for drugmakers. PetroChina Co., the nation’s biggest energy producer and most valuable company, gained 1.3 percent after the government raised the threshold of a windfall tax on crude.