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China's industrial profit plummeted in June after a slight gain the previous month, raising fears that the slowdown in industrialization caused by the US-led war against the US is affecting economic growth , according to the scmp economic site.
Industrial profits in China have declined since the second half of last year as many companies delayed their commercial decisions and industrial investments, as economic growth slowed in the second quarter to a 30-year low.
Industrial profits in June fell 3.1 percent year-on-year to US $ 87.5 billion, according to figures released by the National Bureau of Statistics on Saturday after a 1.1 percent increase in May.
First-quarter profit fell 2.4% year-on-year to 2.98 billion yuan, down 2.3% year-on-year.
The decline in profits in the first half is due to lower figures in the automotive, oil and steel processing sectors, the statistics bureau said in a statement accompanying the data.
Producer price inflation, a measure of industrial profitability, fell to zero in June from the previous year, raising concerns about deflation, which could prompt the government to take stimulus measures more aggressive.
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