Profits at Chinese industrial companies fell at a slower pace in April as the country’s economy restarted following coronavirus lockdowns.
Profits were down 4.3 per cent year on year according to the national bureau of statistics, an improvement on the 34.9 per cent slide recorded in March. For the year to date, industrial profits were down 27.4 per cent, or 46 per cent for state-owned enterprises.
The computer manufacturing industry showed strong growth, likely on the increased demand as people around the world switched to working from home, Goldman Sachs economist Maggie Wei said in a note.
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