China’s industrial profit growth quickens, signals firming economic recovery

Profits at China’s industrial firms rose for a second straight month and at the fastest pace in over a year, adding to signs the country’s economic recovery from the coronavirus crisis is gaining momentum, reported Reuters.

The statistics bureau said on Monday that profits at China’s industrial firms rose 11.5% year-on-year in June to RMB 666.55 billion ($95.27 billion) – marking the quickest profit growth since March 2019.

May marked the sector’s first monthly growth in earnings since November, before the onset of the coronavirus pandemic.

For January-June, industrial firms’ profits fell 12.8% year-on-year to RMB 2.51 trillion, but easing from a 19.3% dive in the first five months.