China’s industrial companies drive economic recovery

China’s recovery after Covid-19 is gaining momentum. The profits of Chinese industrial companies increased in July by 19.6% year-on-year to USD 85.58 billion. In June, they already recorded an increase of 11.5%. The automotive and electronics industries in particular saw a significant recovery in profits in July with growth rates of 125.5% and 38.6% respectively.

However, there were also some signs of weakening in July, with industrial production growing more slowly than expected.

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