The profit of industrial enterprises in China in the first two months of the year showed a record drop since the end of 2011. According to the National Bureau of Statistics, the cumulative figure for January and February amounted to 708 billion 10 million yuan, decreasing in annual terms by 14%. The main reason for the fall in profits is the decline in prices in the automotive, oil refining, chemical and steel industries. These key Chinese industries are also showing slower production and sales. Automotive companies have reduced profits by 37 billion 100 million yuan. In the petroleum industry, the figure fell to 31 billion 100 million yuan. The Chinese authorities have decided to reduce the value added tax for the manufacturing sector from 16% to 13%.
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