The Financial Times reports industrial profit growth in China accelerated last month, but the country’s statistics bureau isn’t calling it a win just yet. Industrial profits at large firms in China rose 5.1% year-on-year in June, according to the National Bureau of Statistics, up from 3.7% in May. That brought year-on-year industrial profit growth for the year to date to 6.2%, down 0.2 percentage points from the previous month. The statistics bureau pointed to three key factors behind the rise: better returns on invested capital; less downward pressure on prices from stocks of finished goods; a moderate decline in the industrial debt ratio. But the bureau also pointed to abiding issues, including a concentration of profit growth in a few industries, and declining efficiency in key sectors driving profit growth.