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China’s industrial profit grows stronger, indicates firming economic rebound

27.07.2020 13:00:23
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China’s industrial firms had seen an increase in profits for two consecutive months. This came as the most rapid pace ever recorded in over a year, suggesting that the country’s recuperation from the novel coronavirus pandemic is gaining momentum.

The country’s industrial profits recorded an 11.5% year-on-year increase in June, the statistics bureau said on Monday. The growth came to be the fastest record since March of 2019. Despite declining 12.8% year-on-year from January to June, the figure is still milder than the 19.3% drop in the first five months.

Backed by lockdown easing and larger stimulus, China’s economy managed to advance above expectations after a record slump seen earlier this year. However, analysts warn that the recovery heavily depends on state-led investment.  

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27.07.2020 13:00:22

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