China 's industrial profits fell 3.1% from one year to the next in June

Pekin (Reuters) – Profits from China's industrial enterprises declined 3.1 percent in June from the previous year, reversing gains in May, the National Bureau of Statistics said Saturday.

June's figure compared with a profit growth of 1.1% in May.

For the first half of 2019, profits fell 2.4% from the same period last year to 2.98 billion yuan, down 2.3%. during the first five months.

Commitments by industrial enterprises increased 5.6 percent year-on-year to reach 65.1 billion yuan at the end of June, up from 5.3 percent at the end of May.

The profits of Chinese industrial enterprises have declined since the second half of 2018, due to the slowdown in the economy and the decline in producer prices. The growing trade war between the United States and China and the slowdown in world growth have increased the pressure.

The increase in public spending on infrastructure projects, however, has supported some companies, such as railway equipment manufacturers, miners and metal producers.

The data cover companies with an annual business turnover of more than 20 million yuan from their main activities.

(Reports by the Beijing Monitoring Bureau)