China industrial profit growth dips to 3.7%
In May, revenues of China’s industrial companies went up 3.7% from a year earlier, however, slowing from April’s tempo and contributing to worries that the world’s second-largest economy might be losing some momentum.
A rebound to revenue growth in the first quarter as well as a powerful jump in March had powered hopes that the world’s number two economy was going up, though date since then has dropped a hint that it might be stabilizing at best.
In fact, May’s continued slowdown backs up the point of view that growth momentum is still weak or even keeps weakening further, as some economists state. Financial experts keep maintaining their forecast for a slowing GDP growth to approximately 6.3% year-on-year in the second quarter from 6.7% in the first quarter.
In May, profits surged to 537.2 billion Yuan, as the statistics bureau reported on Monday.
During the first five months of 2016, revenues surged 6.4% compared to the same period of 2015.