2023-08-28 00:47:29 ET
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Profits earned by China's industrial firms fell by 15.5% from a year earlier to CNY 3,943.98 billion in the first seven months of 2023 amid weakening economic recovery, feeble demand, and persisting margin pressures, following a 16.8% decline in the first half of the year, data from the National Bureau of Statistics showed on Sunday.
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Profits at China's industrial firms fell 6.7% in July from a year earlier.
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The profits shrank in both state-owned firms (-20.3 vs -21.15% in Jan-June) and the private sector (-10.7% vs -13.5%).
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Profits were down 8.3% in June, according to the bureau, which only occasionally publishes monthly figures.
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More on China economy:
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China's industrial production, retail sales grows less than expected in July
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China's CPI falls for first time in over two years; PPI drops more than expected
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China trade surplus narrows sharply in July as exports, imports both posted double-digit decline
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China service sector growth of 54.1 in July beats forecasts; composite PMI drops to 6-month low
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China's industrial profits drops 15.5% in first seven months of 2023