YTD Chinese Company Earnings Down 14%—Worst Since 2009

Converting to a monthly basis, profits have been falling since November. However, -14% is a steep, steep drop unlike anything we’ve seen for a long time. It is, for Chinese industry, the worst hit to earnings since 2009. It’s already worse than 2015-16, a sharp global downturn which was for China’s economy a pretty sizable one especially for industry and manufacturing.