China’s Animal Spirits Tamed as State Spending Steps In: Chart

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.

To contact the reporter on this story: Malcolm Scott in Hong Kong at mscott23@bloomberg.net. To contact the editors responsible for this story: Malcolm Scott at mscott23@bloomberg.net, Jake Ulick at julick@bloomberg.net.