Chinese industrial companies’ profit growth fell in April, a government report showed today, as the nation’s slowing economy curbed demand.
Earnings declined 2.2 percent from a year earlier to 407.6 billion yuan ($64.2 billion), the National Bureau of Statistics said on its website today. That compared with a 4.5 percent gain in March.
The deceleration in corporate profit growth underscores concerns that the slowdown in the world’s second-biggest economy is deepening. China’s State Council said on May 23 that downside risks to growth are increasing and the government will intensify “fine-tuning” policies as needed, signaling it may take more aggressive steps to support the nation’s expansion.
SABIC contributes to national development
The Saudi Basic Industries Corporation (SABIC) sponsored the Industrial Innovation Award which was presented to developers of new ideas for industrial projects at a ceremony held in Riyadh on May 18.