Profits at China's industrial firms fell 6.7% y/y
- prior -8.3%
- down 15.5% y/y for the YTD (January - July), following a 16.8% fall from January - June
- State-owned enterprises earnings -20.3% in the first seven months
- private-sector companies -10.7% ytd
- profits fell for 28 of 41 major industrial sectors ytd
From China's National Bureau of Statistics (NBS):
- "Commodity prices are running low, the pressure on raw material costs in the midstream and downstream industries has eased. Unit cost of industrial enterprises has improved overall,"
- unit costs in July posted the first year-on-year decrease since the beginning of this year
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Further dour news on how China's economy has faltered since exiting 'COVID zero'.
