China Factory Profit Drop Slows to 1.7% in June

China’s industrial profits fell 1.7 percent in June from a year earlier, easing from May’s 5.3 percent decline and raising hopes that the world’s second-largest economy may be stabilizing as policy stimulus gains traction.

The government has stepped up policy easing in recent months, cutting interest rates twice in June and July and fast-tracking infrastructure investment projects.

Chinese factories made combined profits of 468.2 billion yuan ($73.34 billion) in June, the National Bureau of Statistics said on Friday.

Profits amounted to 2.3 trillion yuan in the first six months, down 2.2 percent from a year earlier, moderating from a decline of 2.4 percent during January-May period, the agency said in a statement published on its website, www.stats.gov.cn.

via CNBC

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