BEIJING : Profits at China's industrial firms fell 6.7 per cent in July from a year earlier, extending this year's slump to a seventh month as weak demand squeezed companies amid a faltering post-pandemic recovery for the world's second-biggest economy.Earnings shrank 15.5 per cent year-on-year for the fi
BEIJING : Profits at China's industrial firms fell 6.7 per cent in July from a year earlier, extending this year's slump to a seventh month as weak demand squeezed companies amid a faltering post-pandemic recovery for the world's second-biggest economy.
Profits were down 8.3 per cent in June, according to the bureau, which only occasionally publishes monthly figures. Major banks have downgraded their growth forecasts for China this year to below the government's target of around 5 per cent as recovery sputters on a worsening property slump, weak consumer spending and tumbling credit growth, prompting the authorities to slash interest and promise further support.
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