Recently I noted how incoherent that BHP has become about China as it celebrated the rise of the Chinese services economy. Now you can add RIO, from the AFR:
“There’s no question that now as we look at the Chinese economy, not everyone is rising on the same tide – we see it more on a sector base,” Rio Tinto non-executive director Megan Clark said at the Bloomberg Summit in Sydney on Wednesday.
“The transition from manufacturing to the services, which has probably been a bit more bumpy than had been heralded by the government, is not the underpinning of infrastructure, which has been good for steel.
