For now, even a seemingly small drop from 7.5% to 7.4% GDP growth means pain on the ground, notes Meyer. "Talking to merchants at malls, business is slow; many Beijing restaurants have closed, and hotels seem empty," he says. Also hard hit are heavy industries, such as steel,cheap moncler coatscement and chemicals important to the slumping real estate sector as well as "low end manufacturing, now becoming automated or moving to lower cost inland locations or countries," says William Adams, senior international economist at PNC Financial in Pittsburgh, Pennsylvania.

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