In terms of RMB internationalization, cross-border RMB settlement in Shanghai has accounted for over 50 percent of the national total; and corporations on the Global 500 list that are based in Shanghai have seen their cross-border settlement in the RMB surpass that in foreign currencies, with the RMB becoming the most preferred currency for cross-border settlement among multinationals in Shanghai.
Business fixed investment, however, has been decreasing significantly partly because of financial constraints, and housing investment has declined further. Private consumption has not yet shown a recovery despite the special income tax reduction. Against this background of weak final demand, production has been reduced substantially.