China's Steel Industry Braces for Painful Consolidation

Some economists warn that central banks, including the Federal Reserve, have pushed their interest rate hiking cycle too far. Meanwhile, Chinese investors are wary of the growth prospects for the world's second-largest economy. The troubling trends in the world's two biggest economies have sparked concerns that the global economic landing might be far more turbulent than initially anticipated.

Factory activity in the world's second-largest economy remains under pressure, and investors are extremely cautious about China's growth outlook. Goldman's Lisheng Wang recently met with onshore clients in Beijing and Shanghai. These clients include mutual funds, private equity funds, and asset managers in banks/insurance companies.

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