EU firms take dimmer view

Optimism about growth and profitability in China among companies from the European Union has dropped to a record low, with an increasing number planning to cut jobs in the nation, a survey by the European Union Chamber of Commerce in China showed on Wednesday.

The survey found that 39 percent of EU-based companies - a record high - plan to cut costs in China this year, mostly by layoffs, compared with just 24 percent last year.

Nearly one-quarter of the companies are pessimistic about their profitability prospects in China, according to the survey. A majority (58 percent) of the respondents remained optimistic about growth outlook, but that figure still represented a 10-percentage-point drop from last year, and it was the lowest since 2011.