Tough times ahead for local firms

Chinese companies face difficulties over the next two years because of the global economic slowdown and rising prices, business leaders said on Saturday.

The real estate industry is one of the worst hit sectors. One-third of property developers have investments in the stock market which has seen a decline by more than 70 percent since its peak in October last year.

The prediction is based on a survey of 5,920 businesspeople conducted by the State Council's Development Research Center, the National Bureau of Statistics, and other major agencies.