Trade related industries, such as chemicals, paper, and car parts, all posted double-digit profit declines in October, while industries that contribute to infrastructure construction projects had profits that more than doubled over the last year, ING economists said in a note. Photo: Reuters
Trade war robbing Peter to pay Paul as China’s plummeting industrial profits only tell part of the story
- Industrial profits plunged 9.9 per cent in October compared to a year earlier, the largest drop since the data was first reported in 2011
- Trade-related industries under pressure, but infrastructure-related sectors benefiting from government stimulus efforts to offset trade war with the US
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China economy
Trade related industries, such as chemicals, paper, and car parts, all posted double-digit profit declines in October, while industries that contribute to infrastructure construction projects had profits that more than doubled over the last year, ING economists said in a note. Photo: Reuters