China industrial firms’ May profits rise 6% year-on-year

SHANGHAI: Profits at China’s industrial firms in May rose 6% year-on-year to 582.3 bil yuan (US$82.28 bil), the statistics bureau said on Sunday.

The rebound followed a 4.3% fall in April.

For the first five months of 2020, industrial firms’ profits fell 19.3% from the same period last year to 1.84 trillion yuan.

Liabilities at industrial firms rose 6.6% on year at end-May compared with 6.2% growth as of end-April.

Business activity in China is clearly improving after tough COVID-19 containment measures that led to weeks of near-paralysis in the world’s second-largest economy. But demand at home and abroad remain sluggish amid concerns of a second wave of infections and a global recession. – June 28, 2020, Reuters

Share on facebook
Share on twitter
Share on whatsapp
Share on email

Subscribe and get top news delivered to your Inbox everyday for FREE

Latest News