SHANGHAI—Profits at China’s industrial firms sank in July as fresh COVID-19 curbs dragged down demand and squeezed factory margins, while power shortages due to heat waves threatened production.
Profits at China’s industrial firms fell 1.1 percent in January-July from a year earlier, wiping out the 1.0 percent growth logged during the first six months, the National Bureau of Statistics said on Saturday.
The bureau did not report standalone figures for July.
Factory production and activities in major manufacturing hubs like Shenzhen and Tianjin were hit in the month as fresh COVID-19curbs were imposed.
In July, China’s industrial output growth slowed to 3.8 percent on-year from 3.9 percent in June….