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China industrial firms’ May profits post first monthly rise in 6 months

Economic News, World

China industrial firms’ May profits post first monthly rise in 6 months

 

 

 

Profits at China’s industrial firms rose for the first time in sixth 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 China’s industrial firms in May rose 6% year-on-year to 582.3 billion yuan ($82.28 billion), according to a statement on Sunday.

 

 

The rebound followed a 4.3% fall in April, and is its sharpest monthly gain since March 2019.

Economic activity in China is clearly improving after the lifting of tough virus containment measures that led to weeks of near paralysis. But the recovery has been uneven and demand at home and abroad remains sluggish amid concerns of a second wave of infections and a global recession.

 

 

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.

 

 


 

 

Financial Post

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