China’s May industrial profits fall at slower pace as COVID-19 curbs ease

Profits at China’s industrial firms shrank at a slower pace as cities began easing up on strict COVID-19 restrictions. Profits fell 6.5% on-year in May, narrowing from April’s 8.5% decline. Many companies were able to resume production and improve logistics and sales, but the recovery is still slow as authorities remain cautious about stemming possible outbreaks. One analyst said China’s weak macro economy is on track to see near-term recovery.

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