OK, a state propaganda channel says profits are down but ‘structure improves
China’s industrial profits declined on multiple factors, but continue to see improvement in business profit structure, according to the National Bureau of Statistics (NBS) Sunday.
Major industrial firms with annual main business revenues of at least 20 million yuan (about 2.8 million U.S. dollars) each saw their combined profits dip 3 percent year on year in the first 10 months of the year to reach about 6.98 trillion yuan, data from the NBS showed.
So, still profitable, but not as profitable, seems to be the message: but an economic slowdown in China is obviously dangerous on a global scale. That it is acknowledged through their propaganda is interesting: also, that they are seeking to re-structure industry, which may be signs that they are seeking the increasingly intensive exploitation of capital, rather than the extensive exploitation of capital that has fuelled their growth up to now (the real problem that tripped up the USSR).