China's July industrial profits rise 11.2% weakest pace this year
China's industrial profits slowed down big time this July, rising just 11.2%, the weakest pace all year.
From January to July, profits went up 17.6%, but that's less than experts expected.
The drop is mostly because people are buying less at home, and as an earlier surge in oil prices fades, and factories aren't making as much money on their products.
China to boost domestic demand
Electronics (especially integrated circuits) helped keep things afloat, but industries like ferrous metals and furniture saw profits shrink by over half thanks to a weak property market and less infrastructure spending.
Automakers also took a hit with a 20% profit drop as car sales slowed down.
Seeing these challenges, China's leaders say they'll ramp up domestic demand and support new industries to help balance things out and boost the economy.