365bet�����������籭

ISTANBUL

The profits of the industrial companies in China plunged 9.1% year-on-year in May due to weak domestic demand and lower prices for industrial products.

The figure tracks the total profit of industrial enterprises with an annual turnover of more than 20 million yuan (about $2.79 million), according to data from the National Bureau of Statistics (NBS) on Friday.

The monthly fall reversed April's 3% gain and was the largest monthly decline since October last year, when the profits fell 10%.

In the January-May period, the industrial profits also fell 1.1% compared to the same period of the previous year.

The fall in the first five-month period also reversed the 1.4% increase in the January-April period.

The industrial and utilities sectors saw slight profit increases during the five-month period, but the mining sector posted a 29% decline in earnings.

The profits in the vehicle manufacturing industry fell 11.9% from the previous year.
In the first five months, state-owned companies had a 7.4% decline in earnings, while non-state-owned companies saw a 1.5% fall.

The data came after China released a range of economic figures last month. In May, China's retail sales increased 6.4% over the previous year, the quickest since late 2023, due to government incentives that increased spending.

However, fixed-asset investment and industrial production fell short of forecasts.

It also followed the tariff uncertainty caused by the mutual tariff increases with the US.

In April, the US began implementing significant tariffs on goods imported from China. However, in May, the US and China agreed to a broad rollback of punitive tariffs for the initial 90 days.

On Thursday, US President Donald Trump said that the US signed a trade deal with China on Wednesday, without disclosing the details.