Profit growth at China’s large industrial companies slowed to a five-month low last month in what analysts say is a sign the US-China trade dispute is hurting the world’s second-largest economy.
Industrial profits rose 9.2 per cent year on year in August, according to the National Bureau of Statistics, down sharply from growth of 16.2 per cent in July. That was the slowest pace since March and marked the fourth straight month of slowing growth.
Iris Pang, ING economist, said the latest data showed that the trade war between the world’s two largest economies – which escalated this week with the imposition on Monday of a new US 10 per cent tariff on about $200bn of Chinese imports – has started to sting China’s manufacturers.
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