Beijing - (Saba):
Industrial profits in China rose 3% in April, reflecting the resilience of the Chinese economy despite ongoing trade tensions with the United States and domestic deflationary pressures, according to official data released Tuesday.
Industrial profits from January to April grew 1.4% year-on-year, reaching 2.1 trillion yuan (about $292 billion), compared to a cumulative increase of 0.8% in the first quarter.
This comes as the United States imposed comprehensive tariffs in April, exempting most countries, with China receiving tariffs of 145%, raising concerns about the impact on the export-dependent Chinese economy.
Profits of private sector companies grew 4.3%, while profits of foreign companies rose 2.5%, while profits of state-owned enterprises declined 4.4%.
The Chinese government continues to push forward stimulus plans, announcing in May comprehensive measures to support growth by reducing interest rates and injecting liquidity, in light of the continued contraction in factory prices for the (31) consecutive month.