Asia Stocks Down on China’s Resistance to Inject Money in Markets
MANILA, Philippines— Asian stock markets floundered Friday as China pressed ahead with industrial restructuring that is partly to blame for slowing growth in the world’s No. 2 economy.
Beijing ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful makeover of the economy. That move followed weak manufacturing data on Wednesday.
Communist leaders are trying to reduce reliance on investment and trade. But a slowdown that pushed China’s economic growth to a two-decade low of 7.5 percent last quarter had earlier prompted suggestions they might have to reverse course and stimulate the economy with more investment to reduce the threat of job losses and unrest.
The Asian Century Report 