The Financial Times this morning reports that data from China’s National Bureau of Statistics show that profits at big industrial companies fell by 14 per cent Y/Y during January and February. This reverses December’s 10.3 per cent annualised gain and is the worst showing since 2009. This despite the authorities loosening purse strings, lowering interest rate targets, and generally bending over backwards to counter the effects of a global slowdown and the trade war with the Unites States.
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