"China's Industrial Profits Continue Slumping for Seventh Consecutive Month"

China's industrial profits have fallen for the seventh consecutive month, with a 6.7% decline in July compared to the previous year. Weak demand and a faltering post-pandemic recovery have squeezed companies in the world's second-largest economy. Profits for the first seven months of the year have shrunk by 15.5% year-on-year, following a 16.8% decline in the first half. Major banks have downgraded their growth forecasts as a worsening property slump, weak consumer spending, and tumbling credit growth continue to hamper the economy. State-owned enterprises, foreign firms, and private-sector companies have all recorded significant profit declines.