China's Economy Rebounds as Industrial Profits Surge in June

By That's, July 28, 2020

1 0

China’s industrial profits surged in June, according to data published by the National Bureau of Statistics. Profits at industrial firms rose at the fastest pace in more than a year last month, soaring 11.5% year-on-year. 

Reuters reported that profits at China’s major industrial firms exceeded RMB666 billion in June, which marked the fastest profit growth since March 2019. The data signals China’s gradual economic recovery amid the public health crisis.

In the first half of the year, Chinese industrial firms’ profits dropped 12.8% year-on-year to 2.51 trillion yuan – an improvement from the 19.3% plunge during the first five months. (Industrial profit data covers large firms with annual turnover exceeding RMB20 million.)

While positive profit growth is a clear indicator for an economic rebound, Zhu Hong, an official at the statistics bureau, hints that sustained profit growth may be tough as market demand has weakened due to the pandemic and international trade situation, as cited by Reuters.

At market close on Tuesday, the Shanghai Composite Index was up 0.71% to 3,227.96, while the Shenzhen Composite Index rose 1.37% to 2,173.84.

[Cover image via Pixabay]

more news

11 Miners Rescued 14 Days After Gold Mine Explosion in China

The blast took place at a gold mine in Qixia, part of Yantai city in Shandong province. A total of 22 miners were trapped as a result.

This Day in History: Google Announces Exit from China Market

Google's China-based google.cn search webpage, launched in 2006, had a turbulent time operating on the Chinese mainland.

What to Know about China's Major Stock Exchanges

a brief background and explanation on what gets traded in each exchange, and advice on how to access them.

Geely and GM Look to Cash in on China's Pickup Truck Market

Both Zhejiang Geely Holding Group and General Motors' Chinese venture will add new pickup truck models to the niche market in China.

We Spoke to a Prominent Car Designer About Appealing to the Chinese Market

Burgoyne talks the art of car design, appealing to the local market and Geely’s recently released ICON model.

Luckin Coffee Headquarters Raided by Chinese Market Regulators

The State Administration for Market Regulation (SAMR) raided the coffee company’s Xiamen headquarters on April 26

7 Stats Behind China's Massive Mask Market

We highlight seven stats that shed light on mass mask manufacturing in the PRC.

0 User Comments

In Case You Missed It…

We're on WeChat!

Scan our QR Code at right or follow us at thatsonline for events, guides, giveaways and much more!

7 Days in China With thatsmags.com

Weekly updates to your email inbox every Wednesday

Subscribe

Download previous issues

Never miss an issue of That's Magazines!

Visit the archives