China's industrial profits fall further in June amid price wars

China's industrial earnings fell for a second straight month, with the authorities set to intensify their drive to rein in excessive competition that is dragging down prices and compounding the pain from US tariffs.

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BEIJING —

Profits at China's industrial firms fell 4.3 per cent in June from a year earlier, following a decline of 9.1 per cent in May, while first-half profits were down 1.8 per cent versus a slide of 1.1 per cent in the period from January to May, National Bureau of Statistics data showed.

China's economy slowed less than expected in the second quarter in a show of resilience to US tariffs.

But punishing price wars among producers have prompted Beijing to pledge tougher regulations for vehicles and solar panels, among other industries engaged in cutthroat competition — dubbed "involution" in China.