Activity on China’s equity capital markets on the mainland and beyond has slumped to multi-decade lows, highlighting how the loss of momentum in the world’s second-largest economy has weighed on investor confidence.Chinese companies have raised just $6.4bn in mainland IPOs, follow-on and convertible share offerings so far this year — the lowest level on record, according to Dealogic data.

Their fundraising in offshore markets including Hong Kong is $1.6bn, the lowest year-to-date since 2003. China’s outbound M&A of $2.5bn is the lowest recorded amount over the same period since 2005.

On international bond markets, Chinese companies, banks and government borrowers have issued $26bn so far this year, slightly above last year’s $24bn but otherwise the lowest level since 2016. On the mainland, borrowing of $246bn is up 17 per cent on last year.