China Industrial Profits Drop 1.1% in Jan.-July of 2022

The transcript discusses the economic outlook for China, highlighting a slowdown in growth as predicted by economists in a Bloomberg survey. The forecast for China's GDP has been adjusted down to 3.5% for the current year, with continued weakness expected into 2023. Industrial profits showed a brief increase in June but fell in July, reflecting broader economic challenges. Additionally, the performance of major oil companies like Sinopec and Petro China is examined, noting record profits due to global oil price increases.

What was the original forecast for the Chinese economy's growth rate for this year before it was revised?

What anomaly was noted regarding Sinopec's performance in the energy sector?