China reported poor performance from major industrial firms as its major oil company, PetroChina, posts a 63 percent drop in its first half profit. The National Bureau of Statistics reported Friday profits from major industrial firms were off 2.9 percent year-on-year in July, down from the year-on-year decline of 0.3 percent reported for June. China’s economy is slowing from double-digit growth, but still expected to grow at around 6 percent of gross domestic product. Nevertheless, a series of steep declines in the Shanghai Composite Index forced the government to infuse cash into the market, cut the value of the national currency and lower key interest rates in an effort to maintain positive momentum . Industrial profit declines […]