Major Chinese industrial firms report smaller fall in profit in June

Industrial firms with annual main business revenue of at least 20 million yuan ($2.81 million) saw their combined profits amount to 719.76 billion yuan last month—down by 8.3 per cent YoY, but narrowing from the 12.6-per cent drop in May.

Industrial production continued to improve and business profits continued to recover last month, said NBS statistician Sun Xiao.

The country’s manufacturing sector posted a better performance in the first half, with its profit decline narrowing by 9.4 percentage points from the first quarter, a state-controlled media outlet reported.

ALCHEMPro News Desk (DS)