China’s Industrial Profits Slump on Soft Demand, Deflation
- Profits decline 18.8% in first five months of the year: NBS
- Private firms see profits plunge more than others, data show
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Profits at industrial firms in China kept dropping in May, reflecting the impact of soft demand and ongoing factory-gate deflation.
Profits in May were down 12.6% from a year earlier, data published by the National Bureau of Statistics showed Wednesday. For the January-to-May period, profits declined 18.8%, which was somewhat slower than the almost 21% drop in the first four months of 2023.