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China's industrial profit growth slows in June on high raw material prices

Industrial firms' 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.

A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory. Photo: Reuters
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A worker wearing a face mask works on a production line manufacturing bicycle steel rim at a factory. Photo: Reuters

Reuters Beijing
Profit growth at China's industrial firms slowed for the fourth straight month in June, as high raw material prices weighed on factories' margins, pointing to some weakness in the recovery of the world's second-biggest economy.

Industrial firms' 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.

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.

"The unevenness in the recovery

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