China’s H1 industrial profits rise 3.5% y/y

BEIJING (Reuters) – Profits at China’s industrial firms rose 3.5% in the first half of 2024 compared with the same period in 2023, official data showed on Saturday.

The rise followed a 3.4% rise for January-May, according to the National Bureau of Statistics (NBS).

The data covers firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations.

China’s economy expanded much more slowly than expected in the second quarter of 2024, the latest GDP data showed this month, reflecting sluggish domestic demand and a protracted property downturn.

($1=7.2767 )