Chinese industrial profits rose 15.1% year on year in June, marking a second consecutive month of slowdown after a 21.1% gain in May. Over the first half of 2025, profits climbed 18.7%, compared with 18.8% in the January-May period. This deceleration was driven by falling energy and refined-fuel prices, with producer prices declining 0.3% month on month in June, their first drop since July. Economists expect stronger policy easing language at the Politburo meeting in late July, though a major stimulus package remains unlikely, as Beijing counts on resilient exports and the AI-driven investment cycle to sustain growth.
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