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English>>China Business

Slowdown takes toll on industrial profits

By Chen Jia and Yu Ran  (China Daily)

08:09, August 28, 2012

July's 2.7% decline in earnings drives Shanghai index to 41-month low

Chinese industrial companies' profits in July fell by the most this year in a further sign of slowdown in the world's second-largest economy.

Industrial companies' profits in the first seven months of the year declined 2.7 percent to 2.7 trillion yuan ($425 billion), the National Bureau of Statistics said in a statement on Monday.

That compares with a 2.2 percent drop in the first half of the year and a 28.3 percent gain in the same period in 2011.

In July, the profits of companies in 41 sectors were 366.8 billion yuan, down 5.4 percent year-on-year, the fourth consecutive monthly fall, according to the bureau. The fall was 1.7 percent in June and 5.3 percent in May.

The latest data add pressure on the government to step up policy easing to reverse a slowdown that may extend into a seventh quarter.


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