Profits at China's industrial firms suffered their worst contraction since ...
BEIJING - Profits at China’s industrial firms suffered their worst contraction since late 2011 in the first two months of this year, data showed on Wednesday, as increasing strains on the economy in the face of slowing demand at home and abroad took a toll on businesses.
Profits notched up by China’s industrial firms in January-February slumped 14.0 percent year-on-year to 708.01 billion yuan , the National Bureau of Statistics said on its website on Wednesday. It marked the biggest contraction since Reuters began keeping records in October 2011. Zhu said the timing of Lunar New Year holidays that fell in early February also had a bigger negative impact on business operations this year than in 2018.
Policymakers have acknowledged the country’s economy is facing increasing downward pressure, hurt by multi-year campaigns to curb debt risks and pollution, while the trade war with the United States took a toll on export orders and employment.
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