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Market Update: China Industrial Profits Extend Growth
Profits earned by China’s industrial firms increased by 83.4% yoy to CNY 3.42 trillion in January-May 2021, following a 106.1% surge in the prior period, amid stable economic recovery momentum, with profits continuing to grow for both state-owned industrial firms (150.1%) and private-sector (56.3%). Among the 41 industries surveyed, 39 saw profit rises. Profits continued to rise in non-ferrous metal smelting and rolling industry (386.7%), ferrous metal smelting and rolling (273.1%), chemical raw materials (211.4%), coal mining and washing industry (109.4%), automobile (81.1%), electrical machinery (49.8%), computer, communications (49.3%), general equipment (45.5%), special purpose equipment (38.4%), the electricity industry (24.7%), agriculture (11%), and textile (4.7%). In May alone, industrial profits rose by 36.4% yoy to CNY 829.9 billion, slowing from a 57% jump in April, amid more prominent in the imbalance of corporate profitability and unstable foundation for recovery. source: National Bureau of Statistics of China [/s2If]
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