China Industrial Profits Increase
China's industrial profits increased notably in the first two months of the year driven by the improvement in the manufacturing sector, data from the National Bureau of Statistics showed on Wednesday.
Industrial profits grew 10.2 percent in the January to February period from the previous year. This has reversed a 2.3 percent fall seen in 2023.
Profits of the equipment manufacturing sector logged a notable growth during January to February period.
ING economist Lynn Song said after upside surprise to industrial production at the start of the year, a further recovery of industrial profits sends another signal that there is a gradual recovery after a bottoming out last year.
"If the recovery of manufacturing continues, it would contribute toward reaching the 2024 growth target, but more supportive policies are still needed to sustain the momentum and recovery," the economist added.
Economic News
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