By Reuters Staff
3 Min Read
BEIJING (Reuters) - Profit growth at China’s industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity.
FILE PHOTO: An employee works on a production line manufacturing steel structures at a factory in Huzhou, Zhejiang province, China May 17, 2020. China Daily via REUTERS
Profits at China’s industrial firms rose 36.4% in May from a year earlier to 829.92 billion yuan ($128.58 billion) official data showed on Sunday.
That was a slowdown from the 57% surge reported in April, according to National Bureau of Statistics.
The world’s second-largest economy has largely recovered from disruptions caused by COVID-19, but it faces new challenges such as elevated raw material costs and global supply chain crunches. Officials warn that China’s recovery remains uneven.
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