China posts upbeat industrial profits in April
Industrial firms in China saw an increase in earnings, but the expansion came at a slower pace in April. This was mainly attributed to surging commodity prices and downbeat consumer goods that heavily weighed on the manufacturing sector’s profitability.
Industrial firms’ profits recorded an annualized 57% increase, securing a total of 768.63 billion yuan in April. The figure sat below the 92.3% year-on-year jump the sector had recorded in March, data from the National Bureau of Statistics showed.
The world’s second-largest economy had reached a record high in the first quarter, indicating its emergence from the coronavirus slump. However, the recovery remained fragile as firms were restricted by rising costs of raw materials and international commodity prices.