China Beige Book: Economy steady for now, but concern on momentum

China Beige Book International published earlier on the day showed that the Chinese economy held steady in the first quarter.

Key Points:

Real estate and commodities increasingly wobbly & adding to high debt-levels

Policy focus has held back China's goal of shifting to consumption, services and high-tech industries

Best performers, biggest beneficiaries have been state industrial firms, not private companies

"China's doing everything in its power to keep growth up. But that's meant backtracking on rebalancing the economy"

"When they finally decide to do it, it's going to be even more painful"