Defaults on Chinese corporate bonds peaked last year, reflecting struggling businesses amid a cooling economy, The Financial Times reported.

Forty-five Chinese businesses defaulted on 117 bonds with a principal amount of 110.5 billion yuan ($16.3 billion), according to the report, which cited data from the rating agency Fitch. Both figures set new records, the report said.

According to the rating agency, five sectors contributed half of the total onshore corporate issuance amount in 2018: construction and engineering, industrial conglomerates, electric utilities, highways and multi-sector holdings.

Fears of slowing economic growth were confirmed Monday as official data showed China’s economy grew 6.6% in 2018, the slowest annual expansion since 1990.

Related: China’s Latest Measure to Calm Investors — Default-Resistant Corporate Bonds