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[Ferro-Alloys.com] The profit growth of Chinese industrial firms turned positive for the first time this year in May as cost pressure due to the COVID-19 epidemic eased, the National Bureau of Statistics said on Sunday.
Analysts said the country should ramp up its efforts to revitalize domestic demand to sustain the improvement in industrial earnings amid mounting uncertainties.
The total profits of major industrial firms increased by 6 percent year-on-year to 582.34 billion yuan ($82.29 billion) last month, compared with a 4.3 percent fall year-on-year in April, the bureau said.
For the January-May period, industrial profit growth remained in negative territory but the decline narrowed for the third consecutive month to 19.3 percent year-on-year, recovering from a 27.4 percent plunge over the first four months.
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- [Editor:kangmingfei]
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