Earnings rose 0.7 percent year on year last month after a 4-percent increase in April while gains over the first five months also eased to 3.4 percent from 4.3 percent in the January-April period, according to National Bureau of Statistics (NBS) data.
BEIJING ― China's industrial profits rose at a much slower pace in May , official data showed on Thursday, underlining the struggles faced by the world's second-largest economy as weak domestic demand crimps overall growth.Earnings rose 0.7 percent year on year last month after a 4-percent increase in April while gains over the first five months also eased to 3.4 percent from 4.3 percent in the January-April period, according to National Bureau of Statistics data.
'The automobile industry, a major contributor to consumer discretionary growth, had a profit margin of 4.6 percent in the first four months, underperforming an average of 5 percent in the overall factory sector, data from the China Passenger Car Association showed earlier in June.The automakers rely on exports and upscale models for most of their profits amid intense competition at home, and many of them have seen a drastic decline in earnings, the association said.
Industrial Profits Rise At Slower Pace In May
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