China's industrial firms reported continuing declines in revenues.
Xinhua: - Major Chinese industrial firms posted enlarged declines in their profits in July, official data showed Monday.Foreign owned companies saw particularly strong declines due to a slowdown in export activity.
Profits for major industrial companies, or those with annual revenues of more than 20 million yuan (3.2 million U.S. dollars), slipped 5.4 percent year on year to 366.8 billion yuan in July, the National Bureau of Statistics (NBS) said in a statement.
Xinhua: - During the period, foreign-funded enterprises and those invested by businesses from Hong Kong, Macao and Taiwan saw profits drop 12.6 percent year on year to 609 billion yuan.It is no wonder that Wen Jiabao said recently that China needs measures to promote export growth. But so far the domestic market remains skeptical that any meaningful measures will actually be implemented. The Shanghai Stock Exchange Composite Index hit a new post-financial crisis low this morning.
|The Shanghai Stock Exchange Composite Index (Bloomberg)|