Sep. 18, 2023, the Chinese flag at the Lujiazui financial district of Pudong in Shanghai, China.
Raul Ariano | Bloomberg | Good pictures
China’s industrial profits grew at the fastest pace in June, official data showed on Saturday, even as businesses struggled with a dip in consumer sentiment amid a shaky economic recovery.
A 3.6% year-on-year gain last month followed a 0.7% gain in May and first-half earnings rose 3.5%, accelerating from a 3.4% increase in the January-May period, National Bureau of Statistics (NBS) data showed.
Stronger data contradict a sluggish economy, It missed forecasts in the second quarter as the consumer sector slumped amid labor market woes and a lingering housing slump.
More than half of the top 10 geographies listed liquor companies that issued H1 earnings forecasts were expected to report losses in the first half.
Despite rising trade tensions with the West, optical transceiver companies Zhongji Innolight and Suzhou TFC Optical Communication forecast first-half revenue growth as two suppliers of US chip giant Nvidia became global winners. Artificial intelligence is evolving.
China surprised markets for a second time on Thursday as it tried to provide more monetary stimulus to boost its weak economy. Unplanned Lending at very low rates. A few days ago officials cut several key lending rates in the wake of a high-level leadership meeting that mapped out other major reforms.
The country’s Ministry of State Planning and Finance has announced projects On Thursday, it is set to arrange about 300 billion yuan of funds from ultra-special treasury bonds to step up a nationwide equipment upgrade and consumer goods trade campaign.
According to a breakdown of NBS data, state-owned companies saw profits rise 0.3% in the first half, foreign companies posted an 11% gain, and private sector companies posted a 6.8% rise.
The industrial profit numbers cover companies with annual revenue of at least 20 million yuan ($2.75 million) from their core operations.
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