Profits at China’s major industrial companies declined by more than 2% in April, underscoring concerns that the country’s economy is cooling faster than expected, Bloomberg reported. Industrial profits dropped 2.2% year-on-year in the month of April to US$64.2 billion, in contrast with a 4.5% gain in March. Profits fell 1.6 % year-on-year to US$228.4 billion in the first four months of the year, according to the National Bureau of Statistics. China’s major industrial companies span 41 industries, with minimum annual sales of US$3.2 million each. China’s state council said last week that Beijing will speed up some infrastructure projects to maintain growth. “China’s economy is slowing down, the pace may pick up a bit in coming months if the economy rebounds after policy easing filters through,” said Lu Zhengwei, chief economist at Industrial Bank (601166.SH). China’s GDP is expected to increase 7.9% this quarter from a year earlier – its slowest pace since 2009 – as Europe’s debt crisis squeezes exports and property curbs cool domestic demand.
