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China's Industrial Profit Fell by a Narrower Margin in May as Covid-19 Curbs Eased

BEIJING--China's industrial profit fell by a narrower margin in May, as Covid-19 restrictions gradually eased and production started to resume, according to official data released Monday.

Industrial profit in May dropped 6.5% from a year earlier, compared with an 8.5% decline in April, said the National Bureau of Statistics.

Sales of industrial companies improved in May, as logistics and supply chains recovered, said the statistics bureau. It also added that Beijing's moves to support growth also helped reduce industrial companies' operating costs.

In the first five months of the year, China's industrial profit rose 1%, compared with a 3.5% increase in the January-April period, said the statistics bureau.

Despite positive signs in May, companies still face increasing costs and great operating difficulties in the coming months and the government will have to do more to help businesses, said Zhu Hong, a senior statistician at the state statistics bureau.

 

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(END) Dow Jones Newswires

June 26, 2022 22:06 ET (02:06 GMT)

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