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Chinese State firms’ profits tank 10% this year

FXStreet (Mumbai) - As reported by Irish Examiner, the Profits at China’s state firms fell 9.8% in the first 10 months of this year, the country’s Ministry of Finance said over the weekend.

The near double-digit fall in profits in January-October from a year earlier was worse than the 8.2% drop in the first nine months of the year.

Combined profits of state-owned enterprises totalled 1.88 trillion yuan in the January-October period, the ministry said in a statement published on its website.
“The downward pressure on economic operations remains relatively big,” the ministry said.

Companies in transportation, electronics and power sectors reported a rise in profit in the January-October period, while heavy industries like steel, coal and nonferrous metals continue to suffer losses as a result of overcapacity.

The world’s second-largest economy is on track this year to grow at its slowest pace in more than two decades.

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