Despite weakening economic activity since March due to a resurgence in domestic COVID-19 cases and changes in the international environment, its economy will rebound in the successive months with a package of stimulus measures fully taking effect.
Profits earned by China's industrial firms contracted at a slower pace in May as COVID-19 outbreaks eased off and work and production resumed gradually, improving from its biggest slump in April since March 2020, according to recent data from the National Bureau of Statistics (NBS).
China's industrial profits fell by 6.5 per cent year on year (YoY) in May compared with the 8.5 per cent decrease reported in April, NBS data showed. For the January-May period, industrial firms' profits rose by 1 per cent YoY compared with the 3.5 per cent rise in the first four months of 2022.
Zhu Hong, senior statistician at the NBS, warned that industrial firms still face pressure from rising costs and difficulties in production and operation, and called for more efforts to implement existing policies on stabilising the industrial economy and helping enterprises to tide over their difficulties, official Chinese media reported.
According to the NBS, the contraction in profits at industrial firms in Shanghai and Jiangsu, Jilin and Liaoning provinces narrowed by over 20 percentage points compared with the previous month.
A range of economic indicators improved in May due to stronger policy support and better control of the pandemic, showing fresh signs of recovery.
Fibre2Fashion News Desk (DS)
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