Chinese industrial profits continue to slump

Chinese industrial profits are continuing to fall.

According to government data, profits slipped 2.9% in the year to July, the largest annual decline since the beginning of the year.

In June, profits slipped by a smaller 0.3%.

In the first seven months of 2015, profits have fallen 1% compared to the same period a year earlier.

The weakness underlines the belief that growth momentum in China’s economy is faltering.

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