China's August industrial profits fall as headwinds hit firms

Profits at China's industrial firms contracted in August after a brief gain...

BEIJING - Profits at China’s industrial firms contracted in August after a brief gain the previous month, suggesting renewed pressure on corporate balance sheets as domestic demand remains weak and the trade war with the United States drags on.

Industrial profits have been slowing since the second half of 2018, despite some transitory rebounds, with falling factory-gate prices threatening to further knock profits as economic growth skidded to a near 30-year low. The contraction in August was mainly due to slowing sales and falling producer prices, Zhu Hong, an official with the statistics bureau, said in a statement accompanying the data.Growth in China’s industrial production fell to its weakest in 17-1/2 years in August while exports tumbled amid spreading pain from the trade war and softening domestic demand.

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