Chinese companies warn profits will plunge
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Some of China's biggest corporate names, from tech giants to airlines to retailers, are warning of unexpectedly sharp drops in profit of up to 80 per cent.
That adds to pressure on Beijing to reverse a painful economic slump.
On Wednesday, Air China Ltd, one of three main government-owned airlines, warned first-half profit will fall by at least half from the year before.
State-owned ZTE Corp, one of the world's biggest producers of telecoms equipment, is projecting a decline of up to 80 per cent.
The woes facing even politically favoured companies that benefit from monopolies, low-cost bank loans and other government aid highlight the challenges for communist leaders who are trying to pull China out of its deepest slowdown since the 2008 crisis.