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The latest data published by China’s National Bureau of Statistics (NBS) showed that profits earnt by China’s industrial firms in April fell 3.7 y/y, down from a 13.9% surge seen in March.

In March, the industrial profits rebounded from four months of contraction. That marked the biggest monthly increase since July 2018.

For the YTD (I.e. January to April), down 3.4% y/y.

The NBS said in a statement accompanying the data:  “The drop in industrial profits last month due to the VAT cut.