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☆ China’s Slumping Economy: What the Latest Numbers Are Signaling
▼ + stars: | 2023-09-15 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

China’s trains, planes, stores and beaches were a little fuller last month than a year ago, and the pace of activity picked up at factories, particularly those making mobile phones and semiconductors. A batch of numbers released on Friday by China’s National Bureau of Statistics showed a modest improvement in the country’s overall retail sales and industrial production during August. A series of small steps taken by the government over the summer, including two rounds of interest rate cuts, seems to be yielding a slightly better-than-expected improvement in the country’s economy. “The national economy has accelerated its recovery, production and supply have increased steadily, market demand has gradually improved,” Fu Linghui, China’s director of national economic statistics, said at a news conference. “Some may be of the view that China’s economy has already bottomed out, but we remain cautious,” said a research note from Nomura, a Japanese bank.

Persons: ” Fu Linghui, ”, Nomura Organizations: China’s National Bureau, Statistics

August throughput was also up from July's 14.87 million bpd. Year-to-date throughput gained 11.9% from a year earlier to 491.4 million tons, or 14.76 million bpd. The NBS data on Friday also showed China's domestic crude oil production in August gained 3.1% from a year earlier to 17.47 million metric tons, or 4.11 million bpd. The year-to-date volume rose 2.1% from a year earlier to 139.85 million tons, or 4.2 million bpd. Natural gas production last month rose 6.3% from a year earlier to 18.1 billion cubic metres (bcm), the NBS said.

Persons: Andrew Hayley, Chen Aizhu, Christian Schmollinger Organizations: Air, National Bureau of Statistics, NBS, Thomson

☆ China's real estate sector is still in a period of 'adjustment,' says statistics bureau
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina's real estate sector is still in a period of 'adjustment,' says statistics bureauHowever, the National Bureau of Statistics of China said the country's advanced manufacturing and services sectors are growing. CNBC's Evelyn Cheng reports.

Persons: CNBC's Evelyn Cheng Organizations: National Bureau of Statistics Locations: China

Retail sales, a gauge of consumption, also increased at a faster 4.6% pace in August aided by the summer travel season, and was the quickest growth since May. The upbeat data suggest that a flurry of recent measures including property support policies to shore up a faltering economic recovery are starting to bear fruit. "Despite signs of stabilisation in manufacturing and related investment, the deteriorating property investment will continue to pressure economic growth," said Gary Ng, Natixis Asia Pacific senior economist. Ng said confidence remains the root of most problems requiring larger "constructive policy and regulatory changes" to boost growth momentum. For August, property investment extended its fall, down 19.1% year-on-year from a 17.8% slump the previous month, according to Reuters calculations based on NBS data.

Persons: Gary Ng, Ng, Albee Zhang, Liangping Gao, Kevin Yao, Shri Navaratnam Organizations: REUTERS, National Bureau of Statistics, Natixis Asia Pacific, Thomson Locations: Wuhan, Hubei province, China, BEIJING, U.S

☆ China's property slump worsens, clouding recovery prospects
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +1 min

Residential buildings under construction at the Tao Yuan Tian Jing project, developed by China Evergrande Group, in Yangzhou, China, on Thursday, Sept. 7, 2023. Speculative bets that Chinese authorities will widen support for the property sector sent some of the country's ailing developers surging by the most on record. A slump in China's property sector worsened in August, with deepening falls in new home prices, property investment and sales, despite a recent flurry of support measures, adding pressure to the world's second-largest economy. For August, property investment fell for the 18th straight month, down 19.1% year-on-year from a 17.8% slump the previous month, separate data showed on Friday. Home sales are down for the 26th consecutive month, according to Reuters calculations based on the data.

Persons: Yuan Tian Jing Organizations: China Evergrande Group, National Bureau, Statistics Locations: Yangzhou, China, Beijing

☆ Sino Ocean: China property woes deepen as a big developer suspends debt payments
▼ + stars: | 2023-09-15 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —A major Chinese property company has suspended offshore debt payments, deepening turmoil in the beleaguered sector. Property sales by floor area dropped 7.1% in the January to August months, compared to the first eight months of 2022. On Thursday, Moody’s downgraded its outlook for the overall sector, citing a downturn in residential sales and continued jitters about the health of the industry. In June and July, nationwide property sales fell around 20% compared to the same period a year before, it said in a report. This reversed “the 11.9% growth for the first five months, reflecting renewed weakness in residential property,” the agency added.

Persons: Houlihan Loukey, Sidley Austin, Moody’s, — CNN’s Juliana Liu Organizations: Hong Kong CNN, Hong, National Bureau, Statistics, China SCE Group Locations: China, Hong Kong, Sino, Beijing

☆ China August industrial output, retail sales growth beat expectations
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

An employee inspects a circuit board on the controller production line at a Gree factory, following the coronavirus disease (COVID-19) outbreak in Wuhan, Hubei province, China August 16, 2021. The data released on Friday by the National Bureau of Statistics (NBS) beat expectations for a 3.9% increase in a Reuters poll of analysts, and marked the quickest rate since April. Retail sales, a gauge of consumption, also grew at a faster 4.6% pace in August aided by the summer travel season, and was the quickest growth since May. Fixed asset investment expanded 3.2% in the first eight months of 2023 from the same period a year earlier, versus expectations for a 3.3% rise. Reporting by Albee Zhang, Ellen Zhang and Joe Cash Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Albee Zhang, Ellen Zhang, Joe Cash, Shri Navaratnam Organizations: REUTERS, Rights, National Bureau of Statistics, Thomson Locations: Wuhan, Hubei province, China, Rights BEIJING, U.S

☆ China economy: data improves in August
▼ + stars: | 2023-09-14 | by ( Juliana Liu | ) edition.cnn.com time to read: +1 min

Hong Kong CNN —Economic activity in China appeared to improve in August, with data released on Friday suggesting a downturn in growth may be stabilizing. The outcome beat the expectations of a group of economists polled by Reuters. Retail sales, which measures consumption, expanded by 4.6% from a year earlier, compared to the tepid 2.5% increase reported in July. The economy is currently grappling with weak export demand from global markets and an ongoing property crisis. -— This is a developing story and will be updated.

Organizations: Hong Kong CNN, National Bureau of Statistics, Reuters, Retail, Investment Locations: Hong Kong, China

☆ The problem with labor data in understanding inflation
▼ + stars: | 2023-09-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

The central bank will continue to pay close attention to the state of the labor market, specifically on wages, as it focuses on defeating inflation, but there’s only so much that labor data can reveal about price increases. Mainly, it’s that wage figures are great at gauging inflation’s progress, but they’re lousy at forecasting its future. Financial markets have shifted back to a “bad news is good news” way of perceiving economic data and will continue to react to labor data, but ultimately, it’s the actual inflation data that matter most to the Fed. The issue of labor figures in forecasting inflation lies with productivity data. The Federal Reserve releases August data on industrial production.

Persons: Austan Goolsbee, Raphael Bostic, ”, Quincy Krosby, ” Agron Nicaj, it’s, Anna Cooban, ” James Athey Organizations: CNN Business, Bell, DC CNN, Federal Reserve, Fed, Chicago Fed, Bloomberg, Atlanta Fed, Financial, LPL Financial, CNN, Oracle, National Federation of Independent Business, National Statistics, US Labor Department, Adobe, European Central Bank, US Commerce Department, China’s National Bureau of Statistics, Lennar Homes, The University of Michigan Locations: Washington, Saudi Arabia

But analysts say more policy support is needed to shore up consumer demand in the world's second-biggest economy, with a labour market recovery slowing and household income expectations uncertain. "In general the inflation (rate) still points to weak demand and requires more policy support for the foreseeable future." DEFLATION PRESSURESCompared with the previous month, CPI rose 0.3%, picking up from 0.2% in July, the statistics bureau said. Pork prices rose 11.4% month-on-month, versus no change in July, due to the impact of extreme weather in some areas. Factory-gate deflation moderated in August due to improving demand for some industrial products and rising international crude oil prices, the statistics bureau said.

Persons: Tingshu Wang, Zhou Hao, Bruce Pang, Jones Lang Lasalle, Premier Li Qiang, Kevin Yao, Joe Cash, Sam Holmes, William Mallard Organizations: REUTERS, National Bureau of Statistics, Reuters, Guotai, ANZ, Jones, Premier, Thomson Locations: Beijing, China, BEIJING, Ukraine

☆ Opinion: The ‘rising superpower’ myth about China
▼ + stars: | 2023-09-07 | by ( Opinion Peter Bergen | Joel Rayburn | ) edition.cnn.com time to read: +12 min

He was the US Special Envoy for Syria and the senior director for Iran, Iraq, Syria and Lebanon on the National Security Council staff during the Trump administration. After that, China’s National Bureau of Statistics said it would suspend publishing youth unemployment data in the future. What does it signify that China’s national power, which today is vast, is almost certain to be weaker in the future? If Xi and his strategists have a feasible plan for nimbly averting China’s demographic doom, they are keeping very quiet about it. This brings us back to the question of national security strategies for the United States and its allies.

Persons: Peter Bergen, Peter Bergen ”, Joel Rayburn, Trump, Biden, Saddam Hussein’s, Lloyd Austin, China’s, Xi Jinping, Stephen Shaver, ”, Ng Han Guan, Xi, China “, ” Trump Organizations: New, Arizona State University, Apple, Spotify, American Center for Levant Studies, New America, US, National Security Council, CNN, Strategy, Pentagon, of Defense, Development Research Center, Communist Party, UPI, Manpower, Census Bureau, National Bureau of Statistics, Financial, China’s Southwestern University of Finance, Economics, Rocky, United Nations, Beijing, Pew Research Center, Communist, Trump administration’s National Security, Twitter, Trump Locations: New America, Syria, Iran, Iraq, Lebanon, Washington, China, United States, Saddam Hussein’s Iraq, al Qaeda, Ukraine, People’s Republic of China, Beijing, India, Yarkent County, China's Xinjiang Uyghur Autonomous Region, Saudi Arabia, USSR, Russia, Russia’s Ukraine, Vietnam, Korea, Italy, Japan, Taiwan, Hong Kong

☆ China Caixin PMI: Services activity falls in August to lowest level in eight months
▼ + stars: | 2023-09-05 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —A private survey of business activity in China’s services sector fell to its lowest level in eight months in August, as a flurry of economic stimulus measures seemed unable to reignite consumption demand. The Caixin China general services purchasing managers index (PMI) slipped to 51.8 last month from 54.1 in July, according to data released Tuesday by Caixin Media and S&P Global. This was partly due to weaker foreign demand for Chinese services, they added, citing evidence of sluggish overseas orders. After a strong start to 2023 following the lifting of strict pandemic restrictions, economic growth in China has stalled. Since April, a slew of disappointing economic data and population statistics has sparked concern that China may be facing a period of much slower growth.

Persons: ” Organizations: Hong Kong CNN, Caixin Media, P, PMI, National Bureau of Statistics, NBS Locations: China, Hong Kong

☆ The Fed likely won’t raise rates this month — but November is another matter
▼ + stars: | 2023-09-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Last week’s economic data increasingly gave investors hope that the Federal Reserve could hold interest rates steady this month, following a hike in July that brought rates to their highest level in 22 years. It’s hard to say definitively if or when the central bank will hike interest rates again this year. The Fed could hold rates steady for the rest of the year if both the job market and the broader economy continue to slow, helping bring down inflation. Higher for longer means keeping interest rates elevated for a prolonged period. China’s National Bureau of Statistics releases August inflation data.

Persons: hasn’t, ” Leslie Thompson, Thompson, Jerome Powell, Powell, Susan Collins, Powell’s Jackson, there’s, Raphael Bostic, Olesya Dmitracova, ” Patrick Hummel, David Lesne, Juan Perez, Carrascosa, Barnes & Noble Organizations: CNN Business, Bell, DC CNN, Federal, Financial, Spectrum Wealth Management, CNN, Fed, Kansas City, Boston, Yahoo, Finance, Atlanta Fed, Volkswagen, Renault, UBS, French, Swiss, Barnes &, The Reserve Bank of Australia, US Commerce Department, Eagle, Express, P Global, Institute for Supply Management, Bank of Canada, US Labor Department, Kroger, China’s National Bureau of Statistics Locations: Washington, Jackson Hole , Wyoming, Cape Town , South Africa, Europe

☆ You're more productive in the office, say elite CEOs. Data seems to back them up.
▼ + stars: | 2023-09-03 | by ( Tom Carter | Beatrice Nolan | ) www.businessinsider.com time to read: +7 min

The idea of permanent remote work is slipping away. After almost three years of relaxed work-from-home policies, CEOs are starting to drag their remote employees back to the office most days of the week. The remote work genie is out of the bottleInfluential remote work researchers, including Stanford researcher Nicholas Bloom, have been backing a flexible, hybrid approach as the way forward. Bloom previously told Insider that well-organized hybrid work is a "win-win" for companies and workers. AdvertisementAdvertisementEveryone else Insider spoke to agreed, though some said even hybrid was likely less productive than being fully in the office.

Persons: Goldman Sachs, Michael Gibbs, They've, Mark Zuckerberg, Andy Jassy, Gibbs, David Atkin, Raj Choudhury, Atkin, Ipsos, " Choudhury, Nicholas Bloom, Bloom, Choudhury, We'll, WFH, Jose Maria Barrero Organizations: Meta, Service, Companies, University of Chicago, Harvard Business School, National Bureau of Economic Research, MIT, Employees, The Washington Post, Stanford, WFH Locations: Wall, Silicon, Indian, Chennai

☆ Home builder stocks shine as prospective buyers turn to new construction
▼ + stars: | 2023-09-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Home builder stocks are on a tear, boosted by a jump in demand as some Americans shun the historically tight and unaffordable market for existing housing. The Federal Reserve’s bid to bring down inflation by raising interest rates has sent US mortgage rates soaring over the past year. That’s been a boon to home builder stocks. That helped lift some home builder stocks, though many still slipped in August along with the broader market. Labor Day weekend gas prices are near all-time highsDrivers hitting the road this Labor Day weekend will be greeted by historically high gas prices for this time of the year.

Persons: That’s, Pultegroup, DR Horton, Lennar, Warren Buffett, Berkshire Hathaway, DR, NVR, Anna Rathbun, Ethan Allen, Read Organizations: CNN Business, Bell, CNN —, Federal, Toll, Bank of America, Berkshire, CBIZ Investment Advisory Services, Labor, CNN, AAA, government’s National Bureau of Statistics Locations: China, Beijing, —

☆ U.S. crude futures climb over $2 late in session
▼ + stars: | 2023-08-31 | by ( Erwin Seba | ) www.reuters.com time to read: +4 min

U.S. West Texas Intermediate crude futures for October settled at $83.63 a barrel, up $2, or 2.45%. Brent crude futures for October, expiring on Thursday, finished up $1, 1.16%, at $86.86 a barrel. "The crude market is reacting to OPEC production cuts being extended," said Andrew Lipow, president of Lipow Oil Associates. On Thursday, six-month U.S. crude oil futures traded as low as $3.83 below crude for front month delivery , the steepest discount since Nov. 17, signalling tight supplies and encouraging inventory draws. Analysts expect Saudi Arabia to extend a voluntary oil production cut of 1 million bpd into October, adding to cuts put in place by OPEC+.

Persons: Lucy Nicholson, Andrew Lipow, Brent, Ole Hansen, Eric Rosengren, Ahmad Ghaddar, Jeslyn Lerh, David Goodman, Nick Macfie, Paul Simao, Cynthia Osterman Organizations: REUTERS, bbl, Fed, Organization Petroleum Exporting, . West Texas, Brent, Lipow Oil Associates, U.S . Energy, Administration, OPEC, Saxo Bank, Commerce Department, Reserve, Boston Fed, National Bureau of Statistics, Thomson Locations: Bakersfield , California, Saudi Arabia, China, HOUSTON, U.S, Singapore

However, in a hopeful sign for growth, conditions did not materially worsen even though the survey showed factories under persistent pressure. China's major manufacturing rivals in the region Japan and South Korea also reported sharp declines in output on Thursday. "It's too early to tell, but today's print suggests that a sequential uptick in growth activity in the third quarter could still be possible," said Louise Loo, senior economist with Oxford Economics. Policymakers remain under pressure to boost domestic demand as the global economy continues to slow. Going forward, "the actual implementation and effectiveness of policy support will be the key indicator to watch," he added.

Persons: It's, Louise Loo, Pan Gongsheng, Frederic Neumann, Bruce Pang, Jones Lang Lasalle, Joe Cash, Qiaoyi Li, Ellen Zhang, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, PMI, Oxford Economics, Reuters, People's Bank of, Global Research Asia, HSBC, Jones, Thomson Locations: Hangzhou, Zhejiang province, China, Rights BEIJING, Japan, South Korea, People's Bank of China, United States, Europe, Asia

☆ China PMI: Factory activity contracts for fifth straight month. Demand for services is also slowing
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Factory activity in China contracted for a fifth straight month in August, adding pressure on Beijing to roll out more stimulus measures to bolster the faltering economy. It was the third straight month that the index had improved from the previous month, and was better than economists were expecting. The non-manufacturing PMI, which measures business activity in services and construction, stood at 51 this month, down from 51.5 in July, according to the NBS. “The PMI surveys suggest a slight improvement in economic activity in August,” wrote analysts from Capital Economics. Some of these moves may have started to bear fruit this month, analysts said.

Persons: ”, Si Wei, Robert Carnell Organizations: Hong Kong CNN — Factory, government’s National Bureau of Statistics, PMI, NBS, Capital Economics, ING Group, Capital Locations: Hong Kong, China, Beijing, —, Lianyungang, Jiangsu province, Asia, Pacific

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ China's factory activity shrinks for a fifth straight month in August
▼ + stars: | 2023-08-31 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

People walk through a gate in the Forbidden City in Beijing, capital of China, March 27, 2023. China's factory activity in August shrank for a fifth straight month, while non-manufacturing activity hit a new low for the year — signs that the slowdown in the world's second-largest economy may not yet have bottomed out. The official manufacturing purchasing managers' index rose slightly to 49.7 in August from 49.3 in July, according to data from the National Bureau of Statistics released Thursday. This was better than the median forecast for 49.4 in a Reuters poll. A PMI reading above 50 indicates expansion in activity, while a reading below that level points to a contraction.

Persons: Zhao Qinghe Organizations: National Bureau of Statistics, PMI, NBS Locations: City, Beijing, China

Reuters GraphicsCOAL, CRUDESimilar to iron ore, China's imports of seaborne coal are also expected to be robust in August, with Refinitiv estimating arrivals of 31.2 million tons, while Kpler expects 34.3 million. Coal imports have been strong since March as the country turned to thermal generation to make up for weaker-than-usual hydropower. Whether China maintains strength in crude imports will largely depend on whether its refiners continue to export large volumes of diesel and gasoline. The rally in crude prices since June should start to show up in China's crude imports from September onwards, given the lag between when cargoes are arranged and delivered. Overall, it appears that factors other than the strength of China's economy are behind the still solid imports of iron ore, coal and crude oil.

Persons: China's, Kim Coghill Organizations: REUTERS Acquire, Rights, National Bureau of Statistics, Iron, Reuters Graphics, Kpler, Refinitiv Oil, Reuters, Thomson Locations: Qingdao, Shandong province, China, Rights LAUNCESTON, Australia, Indonesia, OPEC, Saudi Arabia

☆ Consumer spending in China bounced back in August, survey finds
▼ + stars: | 2023-08-30 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Larger-than-life roses are on display in Nanjing, Jiangsu province of China, on Aug. 21, 2023, one day before the Qixi Festival. Vcg | Visual China Group | Getty ImagesBEIJING — Consumer spending bounced back in August after a tepid July, according to the China Beige Book's survey of Chinese businesses released Thursday. That's based on a survey conducted Aug. 17 to 25 of 1,300 businesses, the majority of which were not state owned. The China Beige Book survey also found that corporate borrowing surged as cost of capital declined. Another business survey released in mid-August, the CKGSB Business Conditions Index, reported a 50.9 print for July, a touch above the 50.02 figure recorded for June.

Persons: That's, Nomura Organizations: Visual China, Getty, Consumer, National Bureau of Statistics, Services, JL Warren Capital, Louis Vuitton, National Bureau, Statistics Locations: Nanjing, Jiangsu, China, BEIJING

☆ China is doing everything it can to conceal the true extent of its economic turmoil
▼ + stars: | 2023-08-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

China's economy is turning into a big black blob. This is happening because Xi's China is one that puts ideology before economic growth. Not because the reforms weren't working, but because the China they were creating is not the one Xi wants to see. Even as the main drivers of China's economy stumble, there will be no direct support to help households power through this fragile period. Known unknownsTransparency in China's economic data has always moved the same cycles as its politics.

Persons: —, Xi Jinping, it's, Charlene Chu, Xi, who've, It's, Chu, Fan Zhang, Zhang, Xie Huanchi, thegovernment, Victor Shih, Ministry of State Security —, isn't, Shih, Linette Lopez Organizations: Communist, Autonomous Research, Nike, Starbucks, CCP, National Bureau of Statistics, Custom, J Capital Research, Study Times, Getty, World Trade Organization, Century China Center, University of California, Communist Party, Ministry of State Security, Beijing Locations: China, COVID, Xinhua, University of California San Diego, Beijing

☆ US raises concerns by Micron, Intel with China as export control meeting set to launch
▼ + stars: | 2023-08-28 | by ( David Shepardson | ) www.reuters.com time to read: +4 min

Ambassador to China Nick Burns, in Beijing, China, August 28, 2023. Raimondo wants to address concerns from U.S. businesses that are having difficulties operating in China. Shares of Micron rose 3% and Intel was up 1.4% in early trading on the news, first reported by Reuters. "The United States is committed to be transparent about our export control enforcement strategy," she said. "To show you how real this is, the first meeting of that new information exchange is tomorrow in Beijing.

Persons: Gina Raimondo, China Nick Burns, Andy Wong, Wang Wentao, Raimondo, Biden, Export Enforcement Matthew Axelrod, We're, David Shepardson, Susan Heavey, Andrew Cawthorne, Mike Harrison Organizations: . Commerce, . Industry, Government, U.S, REUTERS Acquire, Rights, Intel, Micron, Chinese Commerce, Commerce Department, Micron Technology, Reuters, U.S . Commerce Department, Export Enforcement, Ministry of Commerce, Commerce, United, Chinese National Bureau of Statistics, Thomson Locations: China, Beijing, Rights BEIJING, Washington, U.S, United States

☆ China's industrial profits extend slump into seventh month
▼ + stars: | 2023-08-27 | by ( ) www.cnbc.com time to read: +1 min

A view of the automated container port in Qingdao in east China's Shandong province. Profits at China's industrial firms fell 6.7% in July from a year earlier, extending this year's slump to a seventh month with weak demand squeezing companies as a post-pandemic recovery faltered in the world's second-biggest economy. Profits were down 8.3% in June, according to the bureau, which only occasionally publishes monthly figures. "Commodity prices are running low, the pressure on raw material costs in the midstream and downstream industries has eased. Major banks have downgraded their growth forecasts for the year to below the government's target of about 5% as recovery sputters on a worsening property slump, weak consumer spending and tumbling credit growth, prompting the authorities to slash interest and promise further support.

Persons: Sun Xiao Organizations: National Bureau, Statistics, Unit, NBS, Big, China Aluminum International Locations: Qingdao, Shandong

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