Sinopec’s interim profit falls as economic woes crimp oil demand

Chinese shares dropped as banks in the country cut interest rates less than expected, with the benchmark one-year loan prime rate being lowered by 0.1 percentage point to 3.45%.

Profits at China's industrial firms fell 6.7% in July, marking the seventh consecutive month of decline, as weak demand continues to hinder the country's post-pandemic recovery.

Chinese investments in Brazil dropped by 78% in 2022, reaching the lowest level in 13 years, primarily due to a decrease in funds allocated to resource projects, according to the Brazil-China Business Council.

Despite efforts to attract foreign capital, foreign direct investment in China has dropped by over 5% in the first eight months of the year due to the slow recovery of the global economy and geopolitical tensions, with increasing investment flowing towards Southeast Asia instead.