China’s major industrial firms reported a 3.4 per cent increase in profits year-on-year for the first five months of the year, as per the National Bureau of Statistics (NBS). This marks a slowdown from the 4.3 per cent growth seen in the first four months.
Industrial firms with an annual main business revenue of at least 20 million yuan (approximately $2.81 million) achieved combined profits of 2.75 trillion yuan (approximately $378.65 billion) from January to May.
Out of the 41 industrial categories tracked by the NBS, 32 reported profit growth during this period.
China’s major industrial firms saw a 3.4 per cent YoY profit increase in the first five months, slowing from the 4.3 per cent growth in the first four months.
Firms with annual revenues over 20 million yuan (~$2.81 million) reported combined profits of 2.75 trillion yuan (~$378.65 billion).
Among 41 categories tracked, 32 recorded profit growth.
Fibre2Fashion News Desk (DP)