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China Beige Book Says Pessimism ‘Thoroughly Divorced From Facts’

  • Capital expenditures rebound slightly; services show strength
  • `Sentiment on China has veered sharply bearish--too bearish'
A tailor uses a sewing machine in his shop in Shanghai. A private survey says that China’s economy isn’t as weak as it may look.

A tailor uses a sewing machine in his shop in Shanghai. A private survey says that China’s economy isn’t as weak as it may look.

Photographer: Johannes Eisele/AFP/Getty Images
Bloomberg News
Updated on

China’s economy isn’t as weak as it may look, according to a private survey from a New York-based research group that says it’s a myth the nation’s slowdown is intensifying.

“No collapse is nigh” in the aftermath of the stock market plunge and currency devaluation, according to the third-quarter China Beige Book, published by CBB International and modeled on the survey compiled by the Federal Reserve on the U.S. economy. Capital expenditure rebounded slightly in the period and the services sector showed strength, the report said.