{"id":10290,"date":"2022-08-27T13:30:58","date_gmt":"2022-08-27T13:30:58","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=10290"},"modified":"2022-08-27T13:32:22","modified_gmt":"2022-08-27T13:32:22","slug":"china-july-industrial-profits-down-as-covid-curbs-heatwaves-hit","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/china-july-industrial-profits-down-as-covid-curbs-heatwaves-hit\/","title":{"rendered":"China July industrial profits down as COVID curbs, heatwaves hit"},"content":{"rendered":"<p>China July industrial profits down as COVID curbs, heatwaves hit. Profits at China\u2019s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production.<\/p>\n<p>Profits at China\u2019s industrial firms fell 1.1% in January-July from a year earlier, wiping out the 1.0% growth logged during the first six months, the National Bureau of Statistics said on Saturday.<\/p>\n<p>The bureau did not report standalone figures for July.<\/p>\n<p>Factory production and activities in major manufacturing hubs like Shenzhen and Tianjin were hit in the month as fresh COVID curbs were imposed.<\/p>\n<p><em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/technology\/apple-plans-to-cut-iphone-14-production-lag-between-china-india.html\">Apple plans to cut iPhone 14 production lag between China &amp; India<\/a><\/strong><\/em><\/p>\n<p>In July, China\u2019s industrial output growth slowed to 3.8% on-year from 3.9% in June.<\/p>\n<p>Searing heatwaves have swept across China\u2019s vast <a href=\"https:\/\/en.wikipedia.org\/wiki\/Yangtze\">Yangtze River<\/a> basin since mid-July, hammering densely populated cities from Shanghai to Chengdu.<\/p>\n<p>Liabilities at industrial firms jumped 10.5% from a year earlier in July, matching the 10.5% increase in June, the statistics bureau said.<\/p>\n<p>China\u2019s economy narrowly escaped contraction in the three months to June, as strict COVID control restrictions and a distressed property sector pummelled demand.<\/p>\n<p>Policymakers are striving to prop up the flagging economy by doubling down on infrastructure spending.<\/p>\n<p>The industrial profit data covers large firms with annual revenues of over 20 million yuan ($3 million) from their main operations.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China July industrial profits down as COVID curbs, heatwaves hit. Profits at China\u2019s industrial firms sank in July, reversing previous gains as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heatwaves threatened production. Profits at China\u2019s industrial firms fell 1.1% in January-July from a year earlier, wiping out [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":10291,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9,3],"tags":[470],"class_list":["post-10290","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","category-world","tag-china"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/10290","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=10290"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/10290\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/10291"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=10290"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=10290"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=10290"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}