June 28, 2020
SHANGHAI (Reuters) – Profits at China’s industrial firms in May rose 6% year-on-year to 582.3 billion yuan ($82.28 billion), the statistics bureau said on Sunday.
The rebound followed a 4.3% fall in April.
For the first five months of 2020, industrial firms’ profits fell 19.3% from the same period last year to 1.84 trillion yuan.
Liabilities at industrial firms rose 6.6% on year at end-May, compared with 6.2% growth as of end-April.
Business activity in China is clearly improving after tough coronavirus containment measures that led to weeks of near-paralysis in the world’s second-largest economy. But demand at home and abroad remain sluggish amid concerns of a second wave of infections and a global recession.
(Reporting by Samuel Shen, Emily Chow and Roxanne Liu; editing by Jonathan Oatis)
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