China’s economy leads the list of concerns of corporate executives going into next year, leading nearly half of them to delay spending plans until the outlook improves, according to a survey by Credit Suisse.

More than 40 percent of executives listed weakness in China and other Asian countries as their top concern, the Swiss bank said in an Oct. 23 report obtained by Newsmax Finance.

“China as a concern is through the roof,” according to Richard Kersley, head of global equity research at Credit Suisse. “In fact, 47 percent of respondents say they have already postponed related projects. Concerns about price competition are written all over the qualitative remarks.”

China reported that its economy grew 6.9 percent in the third quarter from a year earlier, which was in line with official estimates. The country’s strength was questioned after its central bank cut interest rates on Oct. 23 to spur demand. China triggered a global swoon in stocks after devaluing its currency in August, leading investors to worry about the world’s second-biggest economy.

Credit Suisse found that concerns about China outweighed concerns about the U.S. economy, a devaluation in emerging-market currencies that would dampen demand for finished goods and Russia-related economic sanctions.

The percentage of European executives who plan to increase spending fell to 19 percent this month from 27 percent in June, when the last survey was taken. That’s still higher than the 7 percent recorded a year ago, before the European Central Bank launched its trillion-euro quantitative easing program.

The central bank’s actions has corporations seeking cheap financing from lenders.

“A powerful underpinning is coming from the banking system, perhaps QE-inspired,” Kersley said in the report. “The proportion seeing bank financing as a stimulus for spending has hit a record high.”

Mario Draghi, the president of the ECB, on Oct. 22 said the euro area may need additional monetary stimulus by December after reviewing global economic data. The central bank’s current quantitative easing program buys 60 billion euros ($67 billion) a month of private and public-sector debt.

Credit Suisse surveyed 60 European corporate executives on their corporate spending plans for the next six and 12 months and the factors influencing them.

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