Data from the Chinese Ministry of Finance showed that the profits of state-owned companies in China grew by 10.9% year-on-year in the January-May period, recording 1.78 trillion yuan ($245.3 billion).
The pace of earnings growth has slowed after rising 15.1% in the first four months of the year.
On the other hand, an official survey of factories in China showed that manufacturing activity contracted for the third month in a row in June, but at a slower pace, at a time when pressure is mounting on policymakers to take more stimulus measures to revive weak demand.
According to data from the National Bureau of Statistics, the official purchasing managers’ index recorded a reading of 49.0 in June compared to 48.8 in May, remaining below the 50-point level that separates growth from contraction. The reading was in line with expectations. Analysts began lowering their forecasts for the Chinese economy for the rest of the year after industrial output and retail sales data for May came in below expectations.
2023-06-30 22:01:37
#Profit #growth #stateowned #enterprises #China
