China industrial profits destroyed

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Via China’s NBS:

1 – 3 months, the national scale industrial enterprises realized a total profit of 7814.5 billion yuan, fell 36.7% (on a comparable basis, see Note II), a decline of more than 1 – 2 narrowed in February 1.6 percent.

1 – 3 months, above-scale industrial enterprises, state-owned holding enterprises realized a total profit of 2226.7 billion yuan, fell 45.5% ; joint-stock enterprises realized a total profit of 5970.4 billion yuan, down 33.0% ; foreign and Hong Kong, Macao and Taiwan-invested enterprises realized a total profit of 1671.5 100 million yuan, a decrease of 46.9% ; the total profits of private enterprises reached 234.48 billion yuan, a decrease of 29.5% .

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.