This Feb 24, 2017 photo shows workers carrying a monocrystalline silicon stick at a factory in Ningjin county, north China's Hebei province. (MU YU / XINHUA)
BEIJING - Profits of China's major industrial firms continued to fall in the first four months of 2020, but the decline was seen to narrow amid government efforts to coordinate COVID-19 containment and economic growth, data showed Wednesday.
The contraction narrowed from the 36.7-percent decline in the first quarter, NBS data showed
Profits of industrial companies with annual revenue of more than 20 million yuan (about US$2.8 million) totaled 1.26 trillion yuan during the January-April period, down 27.4 percent year on year, according to the National Bureau of Statistics (NBS).
The contraction narrowed from the 36.7-percent decline in the first quarter, NBS data showed.
In April alone, industrial profits edged down 4.3 percent, recovering from the 34.9-percent drop registered in March as production and sales rebounded on nationwide restoration of economic activities, NBS statistician Zhu Hong noted.
Increasing investment returns last month as well as a low comparison base last year also contributed to the improvement, Zhu added.
Despite the recovery, business profitability situation remained "not optimistic" as yet-to-recover market demand, retreating industrial prices and cost pressure would combine to weigh on profits, Zhu stressed.
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