BEIJING : Profits at China's industrial firms shrank at a slower pace in May following a big slump in April, due to the resumption of activity in major manufacturing hubs, but COVID-19 curbs still weighed on factory production and squeezed factory margins.
Industrial firms' profits grew 1.0 per cent year-on-year to 3.44 trillion yuan in January-May, slowing from the 3.5 per cent increase in the first four months, the NBS data showed. China's economy showed signs of recovery in May after slumping the previous month, but consumption was still weak and underlined the challenge for policymakers amid the persistent drag from strict COVID-19 curbs.
The capital Beijing, which has been grappling with its most serious outbreak since the pandemic began, also saw its industrial output down 12.5 per cent in the first five months, worse than China's overall 3.3 per cent growth during that period.
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