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HSBC Corp. said its HSBC China Manufacturing PMI was little changed at 48.8 from December's 48.7, suggesting a "moderate deterioration." The credit clampdown battered entrepreneurs as banks channeled their limited lending to politically favored government companies. Entrepreneurs turned to high-interest underground lenders. Thousands went bankrupt, leaving employees and suppliers unpaid. The government responded in October by ordering banks to step up lending to small businesses, though it is unclear whether credit has increased. Wednesday's statement promised to create more small-scale financial institutions to serve entrepreneurs and rural companies. ___ Online: Chinese Cabinet: http://www.gov.cn/
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