State firms' profits dip

Business | Bloomberg and Reuters 17 Jul 2019

Overall profits at firms directly owned by China's central government grew 1.92 percent in April-June from a year earlier, sharply decelerating from a 13.1 percent gain in the first quarter, according to Reuters calculations based on first-half data released by the state assets regulator.

The news came as China revealed that fiscal revenue rose 3.4 percent from a year earlier, indicating second-quarter growth of 0.8 percent year-on-year, down from 6.2 percent growth in the first quarter, while first-half fiscal spending increased by 10.7 percent in January-June. Meanwhile, fixed-asset investment project approval in the first six months jumped 81 percent by value.

Though an extremely small number of companies moved from China to avert the Sino-US trade disputes, some firms that shifted to foreign countries have been returning in the past two years, said a spokesman for the National Development and Reform Commission. The Global Times said the annual GDP growth of about 6 percent was reasonable, proving that China's economy is able to weather the trade war.

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