Profits earned by China's industrial firms contracted in June after a brief...
BEIJING - Profits earned by China’s industrial firms contracted in June after a brief gain the previous month, fuelling concern that a slowdown in manufacturing from a bruising trade war will drag on economic growth.
In the first six months, industrial firms earned profits of 2.98 trillion yuan, down 2.4% from a year earlier, compared with a 2.3% drop in January-May. U.S. and Chinese negotiators will meet on Tuesday for the first time since their presidents, Donald Trump and Xi Jinping, agreed in late June to revive talks in a bid to end the year-long trade war.
Sany Heavy Industry Co Ltd said this month that it expected first-half profits to jump 91.8%-106.6% from a year earlier.
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