China’s industrial profits for first half of the year rise 3.5%

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China’s industrial profits for first half of the year rise 3.5%

A ******** flag in Pudong’s Lujiazui Financial District in Shanghai, China, on Sept. 18, 2023.

Raul Ariano | Bloomberg | Getty Images

Profits at China’s industrial firms rose 3.5% in the first half of 2024 compared with the same ******* 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 

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 of 2024, the latest GDP data showed this month, reflecting sluggish domestic demand and a protracted property downturn.

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