Owing to the decline in domestic investment and trade with the rest of the world, China’s real GDP in the first half of … 2012 was lower than expected. Based on forecasts from China’s Quarterly Macroeconomic Model (CQMM), the slowdown of the …, China’s growth is expected to stay at above 7.5 percent, which might be a steady growth rate for the near future. If China …

firm’s financial leverage. Given the unique economic and financial environments in China, we examine if the same …

distress costs and indirectly lifting its operating leverage. Stricter labor protection laws passed in China in 2007 provide an …