BEIJING (Reuters) - Profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month as weak ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBEIJING - Profits at China's industrial firms fell 6.7% 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% 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% 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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