China's H1 industrial profits rise 3.5% y/y
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FILE PHOTO: Employees work at the production line of aluminium rolls at a factory in Zouping, Shandong province, China November 23, 2019. REUTERS/Stringer/File photo
BEIJING (Reuters) - Profits at China's industrial firms rose 3.5% in the first half of 2024 compared with the same period in 2023, official data showed on Saturday.
The rise followed a 3.4% rise for January-May, according to the National Bureau of Statistics (NBS).
The data covers firms with annual revenues of at least 20 million yuan ($2.75 million) from their main operations.
China's economy expanded much more slowly than expected in the second quarter of 2024, the latest GDP data showed this month, reflecting sluggish domestic demand and a protracted property downturn.
($1=7.2767 Chinese yuan)
(Reporting by Qiaoyi Li and Kevin Yao; Editing by Neil Fullick and Himani Sarkar)
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