CX Briefing: Industrial Profits Slide

A rundown of the news making headlines in and around China:

Industrial profits drop: Major Chinese industrial companies’ profits fell 9.1% year-on-year in May, and were down 1.1% in the first five months, official data showed. The decline was mainly due to insufficient demand and falling prices, a statistician from the National Bureau of Statistics said. Poor performance was recorded by many industrial sectors, with one of the bright spots being the equipment manufacturing sector, which got a boost from government-subsidized equipment upgrade and consumer goods trade-in programs.