Thu, Mar 28, 2019 - Page 10 News List

China’s industrial profits slump 14%

SLOWDOWN:Earnings in the first two months of the year fell due to price contractions in key industrial sectors, such as auto, oil processing, chemicals and steel, officials said

Reuters, BEIJING

Earlier this month, Beijing announced hundreds of billions of dollars in additional tax cuts, which included a 3 percentage point reduction in value-added tax for the manufacturing industry that has been grappling with rising costs and lower profit margins in the face of the economic slowdown.

The Chinese General Administration of Customs yesterday said that the VAT cuts would help reduce the tax burdens of importers by 225 billion yuan.

Yet, the support measures are taking time to kick in. Most analysts believe economic activity might not convincingly stabilize until the middle of the year.

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