According to JP Morgan Chase data, Global corporate profits have fallen by 33% as of the second quarter of 2020. This plunge in corporate profits is similar to the trend during the financial crisis, with tourism and hotel industries hit harder than other sectors. Weak corporate profits are already weighing on the health of the economy. With the decline in corporate earnings, global capital spending may fall by 30%, and this pressure will also have a negative effect on corporate revenue performance, JP Morgan said. By regions, corporate profits in developed markets fell by 45% as of the second quarter of 2020, with those in the Eurozone taking the biggest hit. The profits of British companies have fallen by nearly 80%, and the profits of American companies have fallen by 15%, while the profits of emerging market companies fell by 23%, with only Chinese, Indonesian and Turkish companies doing well. It should be pointed out that the gap between emerging market companies and those in Europe and the United States reflects that emerging market economies have recovered faster and have greater flexibility. In addition, the monetary environment (interest rate, central bank independence, etc.) of emerging markets before the epidemic was better than that of European and American economies, so they could have more effective means and scale of adjustment in the face of economic downturn.