According to official economic data, China’s profits have slowed over the past May.
Chinese industrial companies with annual revenues of at least 20 million yuan (about $2.77 million) total profits over the past May of 635.81 billion yuan, down 12.6 percent from the same month last year.
Profits from the beginning of the year to May also fell 18.8%, somewhat slower than the nearly 21% decline in the first four months of 2023.
At the same time, the decline in profits over the past month was lower than the decline in April, which was 18.2% annually.
Factory earnings data indicate continued economic pressures in the world’s second-largest economy. Exports fell in May for the first time in three months, and industrial contraction worsened, and the continued decline in imports underscores the weakness of domestic demand.
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