BEIJING - Profits at China’s industrial firms returned to growth in July, helped by public works spending and improved margins in the petrochemical and auto sectors, but an economic slowdown and the U.S. trade war are expected to weigh on the business outlook.
Despite the turnaround in headline growth, worsening conditions for businesses exposed to global trade and smaller private sector firms are likely to add to case for more government support to shore up slowing economic growth. ING Greater China Economist Iris Pang said public infrastructure spending had supported firms’ return to profit growth, particularly for electric products companies. However, persistent cash flow pressures felt by export firms and smaller businesses supported arguments for the government to do more.
For January-July, industrial firms earned profits of 3.50 trillion yuan, down 1.7% from a year earlier. That compared with a 2.4% fall in the first six months. The July expansion in industrial profits contrasts with sluggish producer inflation and waning industrial output growth, which sank to record lows in July, indicating weakness in both the demand and supply sides.
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