China's industrial profit growth slows in June on high raw material prices

Industrial firms' profits rose 20% year-on-year in June to 791.8 billion yuan , data from the National Bureau of Statistics showed on Tuesday, after a 36.4% increase in May.

"The unevenness in the recovery of corporate profitability still exists, with private firms and small businesses facing a slow rebound," said Zhu Hong, a senior statistician at the NBS. In the first half of 2021, industrial firms' profits grew a hefty 66.9% from a pandemic-induced slump in the same period a year earlier. Profits in January-June increased 45.5% from the same period in 2019, before the global pandemic started.

China's factory activity slowed in June on a resurgence of COVID-19 cases in the export province of Guangdong, with epidemic prevention and control efforts curbing port processing capacity.

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Source: CNBC - 🏆 12. / 72 Read more »