{"id":118795,"date":"2021-07-27T08:42:53","date_gmt":"2021-07-27T08:42:53","guid":{"rendered":"https:\/\/fin2me.com\/?p=118795"},"modified":"2021-07-27T08:42:53","modified_gmt":"2021-07-27T08:42:53","slug":"chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices\/","title":{"rendered":"China's industrial profit growth slows in June on high raw material prices"},"content":{"rendered":"

BEIJING (Reuters) -Profit growth at China\u2019s industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories\u2019 margins, pointing to some weakness in the recovery of the world\u2019s second-biggest economy.<\/p>

FILE PHOTO: Employees work on the production line of American infant product and toy manufacturer Kids II Inc. at a factory in Jiujiang, Jiangxi province, China June 22, 2021. REUTERS\/Gabriel Crossley<\/figcaption>

Industrial firms\u2019 profits rose 20% year-on-year in June to 791.8 billion yuan ($122.27 billion), data from the National Bureau of Statistics showed on Tuesday, after a 36.4% increase in May.<\/p>\n

The Chinese economy has largely recovered from disruptions caused by the coronavirus pandemic, but it has faced new challenges in recent months such as higher raw material costs and global supply chain crunches.<\/p>\n

\u201cThe unevenness in the recovery of corporate profitability still exists, with private firms and small businesses facing a slow rebound,\u201d said Zhu Hong, a senior statistician at the NBS.<\/p>\n

\u201cCommodity prices continue to stay at high levels, squeezing the profitability of enterprises, and there are still weak points in supply chains and industrial chains.\u201d<\/p>\n

In the first half of 2021, industrial firms\u2019 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.<\/p>\n

\u201cThe profit margin of upstream industrial enterprises improved further while downstream profit margin edged down slightly,\u201d said analysts from Goldman Sachs in a note.<\/p>\n

China\u2019s 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.<\/p>\n

Metals processing, as well as chemicals and pharmaceuticals industries, drove profit growth in June, according to NBS data.<\/p>\n

Chinese policymakers have stepped up efforts to curb surging commodity prices that have squeezed manufacturers\u2019 margins to prevent the price increases from being passed on to consumers.<\/p>\n

While China\u2019s producer price inflation eased in June after the government crackdown on runaway commodity prices, the annual rate continued to hover at an uncomfortably high level. Some analysts expect the factory gate inflation to stay elevated in the second half of this year.<\/p>\n

China\u2019s economy grew slightly more slowly than expected in the second quarter. Officials have warned that the recovery remains uneven.<\/p>\n

Liabilities at industrial firms were up 8.5% year-on-year at the end of June, versus the 8.2% growth seen at the end of May.<\/p>\n

The industrial profit data covers large firms with annual revenues of over 20 million yuan from their main operations.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING (Reuters) -Profit growth at China\u2019s industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories\u2019 margins, […]<\/p>\n","protected":false},"author":3,"featured_media":118794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nChina's industrial profit growth slows in June on high raw material prices - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China's industrial profit growth slows in June on high raw material prices - Fin2me\" \/>\n<meta property=\"og:description\" content=\"BEIJING (Reuters) -Profit growth at China\u2019s industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories\u2019 margins, [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-27T08:42:53+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/07\/Chinas-industrial-profit-growth-slows-in-June-on-high-raw-material-prices.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices\/\",\"url\":\"https:\/\/fin2me.com\/markets\/chinas-industrial-profit-growth-slows-in-june-on-high-raw-material-prices\/\",\"name\":\"China's industrial profit growth slows in June on high raw material prices - 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