To see where China’s tightening is biting in a harsher global environment look no further than steel, the best bell weather for industry. This year appeared to begin well for the sector which was boosted by the stimulus infrastructure programme, property development and demand for cars and household equipment. The 77 biggest steel companies recorded combined profits of Rmb33.9 billion (US$5 billion) in the first four months of 2010 compared to a loss of Rmb4.1 billion (US$600 million) in...
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