Chinese industrial profits grew 21.1% year-on-year in May 2026, a slowdown from April’s 24.7% increase. From January to May, major industrial firms earned 3.14 trillion CNY in combined profits, up 18.8% year-on-year. AI-driven manufacturing led the way, with computer and communication equipment profits surging 103.9% and non-ferrous metals profits jumping 117.1%. The property sector remains a drag, and automaker profits fell 19.8% despite record exports. Growth was uneven across ownership types, with state enterprises up 19.6%, joint-stock firms up 24.1%, and private firms lagging at 10.7%.
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