Profits at China’s industrial companies returned to growth in April, highlighting Beijing’s efforts to boost manufacturing as other areas of the world’s second-largest economy struggle to regain momentum.
Industrial profits at businesses with more than Rmb20mn ($2.8mn) in turnover increased 4 per cent year on year in April after a decline of 3.5 per cent in March, according to the National Bureau of Statistics. So far this year, their profits are up 4.3 per cent, unchanged compared with the rate in the first quarter after a large jump at the start of the year.
The improved April data follows a rise in Chinese exports in the same month after a push from Xi Jinping’s government to boost “high-quality development” in manufacturing, which prompted complaints from western leaders over perceived overcapacity.