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Chinese industries’ earnings dipping for the third successive month

in International Business

Chinese industries’ earnings dipping for the third successive month

After seeing a decline of 5.3% in May and 2.2% in April, profits at China’s industrial companies dropped by 1.7% for the third successive month.

China, the world’s second largest economy, is experiencing its slowest economic growth in three years during the second quarter. Gross domestic product expanded an annual rate of 7.6%.

China’s economy is blown by a decline both in domestic demand and global demand.

Analysts said that a further slowdown was likely to hurt the fortunes of industrial firms even more.

They explained that some of the firms had borrowed money assuming that robust growth in profits would continue.

However, with a slowing economy and falling demand, earnings had instead started to dip, which could make debt repayments difficult.

Tags assigned to this article:
China's economyChina's industries profits dipping

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