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Financial News: China Industrial Profits Fall At Slower Pace In

China Industrial Profits Fall At Slower Pace In May

06/27/2022 - 01:14:00 (RTTNews)

(RTTNews) - China industrial profits declined at a slower pace in May as companies resumed production after the easing of pandemic related restrictions, official data revealed on Monday.

Industrial profits decreased 6.5 percent on a yearly basis, following April's 8.5 percent decline, the National Bureau of Statistics reported.

During January to May, industrial firms registered an increase of 1.0 percent in profits. Nonetheless, this was slower than the 3.5 percent growth posted in the January to April period.

The Purchasing Managers' survey, earlier this month, showed that China's manufacturing sector contracted again in May on weak production and new orders. Although the factory Purchasing Managers' Index rose to 48.1 from a 26-month low of 46.0 in April, the reading remained below the neutral 50.0 mark.

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