BEIJING: Profit growth at China's industrial firms slowed again in May as surging raw material prices squeezed margins and weighed on factory activity.
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. For the January-May period, industrial firms' profits grew 83.4per cent from the same period a year earlier to 3.42 trillion yuan.
Chinese policymakers have stepped up efforts in recent weeks to cool runaway metals prices, including selling supplies from state reserves, but with global demand continuing to recover some analysts believe the moves will have only a limited impact.China's official manufacturing data this week is expected to show weaker growth in activity in June, likely due to disruptions caused by COVID-19 flare-ups at the country's major southern ports.
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