China’s industry leads recovery from Covid-19 driven slump

28th September 2020 (Last Updated September 28th, 2020 09:48)

28 September

Industrial companies in China registered profits for the fourth straight month in August although the growth is lower than that of 2020.

Despite the growth, the recovery of China from the impact of the Covid-19 pandemic remains uneven, with industrial production growing by 5.6% in August compared to the previously year.

John Ashcroft, an economist, shared an article on how some of the largest industrial firms in China have registered a positive growth.

Profits, however, were down by 4.4% compared to the same period during the previous year.

The recovery in China was mostly noted in the manufacturing, electrical machinery and raw material sectors.

In August, the profits increased by 19.1% compared to the previous year although the growth was still lower than 19.6% in July.

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