Profit growth at China's industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories' margins, pointing to some weakness in the recovery of the world's second-biggest economy
Industrial firms' profits rose 20% year-on-year in June to 791.8 billion yuan , data from the National Bureau of Statistics showed on Tuesday, after a 36.4% increase in May.
"The unevenness in the recovery of corporate profitability still exists, with private firms and small businesses facing a slow rebound," said Zhu Hong, a senior statistician at the NBS. In the first half of 2021, industrial firms' profits grew a hefty 66.9% from a pandemic-induced slump in the same period a year earlier. Profits in January-June increased 45.5% from the same period in 2019, before the global pandemic started.
China's factory activity slowed in June on a resurgence of COVID-19 cases in the export province of Guangdong, with epidemic prevention and control efforts curbing port processing capacity.
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