Chinese industry roared along during the first five months of the year, earning profits of US$59.9bn, an increase of 15.8% over the same period last year, according to state media quoting the National Bureau of Statistics. The rate somewhat exceeded the 15.6% rate during the first four months of the year. One economist said lower oil and steel prices in May contributed to the good performance but that expected price hikes for these commodities would undermine corporate profits in the future.