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CHINESE INDUSTRIAL PROFITS POINT TO SHARP SLOW-DOWN

More signs of a sharp slow-down in China as industrial profits decline and point to a slowing export market (via Bloomberg):

“Chinese industrial companies had their first January-February profit decline since 2009 as slowing exports and a government campaign to cool property prices damped earnings.

Net income dropped 5.2 percent from a year earlier to 606 billion yuan ($96 billion), the National Bureau of Statistics said on its website today. That compared with a 34.3 percent gain in the first two months of 2011. The bureau didnā€™t release a figure for January because of a weeklong Chinese New Year holiday that disrupted production.”

Source: Bloomberg

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