SHANGHAI, June 28 — Profits at China’s industrial firms rose for the first time in six months in May, suggesting the country’s economic recovery is gaining traction and brightening the outlook for manufacturing investment and jobs. China’s national bureau of statistics said profits at...
Sunday, 28 Jun 2020 09:14 PM MYT
China’s national bureau of statistics said profits at China’s industrial firms in May rose 6 per cent year-on-year to 582.3 billion yuan , according to a statement today. Despite May’s earnings growth, “market demand remains relatively weak amid the epidemic, and sustainability of the profit recovery deserves further observation,” Zhu Hong, senior statistician at the statistics bureau said in the statement.
For the first five months of 2020, industrial firms’ profits fell 19.3 per cent from the same period last year to 1.84 trillion yuan. Zhu also attributed May’s profit growth to easing cost pressures, improving profit margins, positive impact from policy stimulus and much higher investment returns.
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