Profits in the car manufacturing sector slumped 25.9 per cent, as China’s car sales fell 15 per cent year-on-year in April, the 10th consecutive monthly decline. Photo: Xinhua
China’s industrial profits post biggest drop in nearly three and a half years
- April’s 3.7 per cent drop, the largest decline since December 2015, led by state-owned industrial firms, whose profits dropped 9.7 per cent
- Date comes as a further blow to the Chinese economy in the month before the escalation of the trade war with the United States
Topic |
China economy
Profits in the car manufacturing sector slumped 25.9 per cent, as China’s car sales fell 15 per cent year-on-year in April, the 10th consecutive monthly decline. Photo: Xinhua
Food prices jumped 6.1 per cent in April due to higher pork and fruit prices, with pork price increases accelerating to 14.4 per cent from 5.1 per cent in March. Photo: Reuters
China’s middle class growing desperate and anxious about US trade war impact
- Fears of trade war impact also appear to be affecting willingness to spend and prompting moves to safeguard wealth in foreign currencies and gold
- Rising food prices and unemployment levels adding to concerns despite state and social media urging nation to stand strong in face of adversity
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US-China trade war
Food prices jumped 6.1 per cent in April due to higher pork and fruit prices, with pork price increases accelerating to 14.4 per cent from 5.1 per cent in March. Photo: Reuters