China's economy loses steam as policymakers clamp down on debt risks

Beijing

CHINA'S growth took a step back in April after a surprisingly strong start to the year, as factory output to investment to retail sales all tapered off as authorities clamped down on debt risks in an effort to stave off a potentially damaging hit to the economy.

Waking up to the systemic threat posed by cheap credit-fuelled stimulus since the 2008-9 global financial crisis, Beijing has continued to tighten the screws on speculative financing over the past several months.