Industrial profits fall 35pc

Business | Winnie Lee 28 Apr 2020

Industrial firms in China earned 370.66 billion yuan (HK$405.66 billion) in March, down 34.9 percent from a year earlier, data from the National Bureau of Statistics showed, suggesting the economy is still struggling to resume production after the coronavirus outbreak.

China will step up macro policies to offset coronavirus pandemic impact, said the deputy head of the National Bureau of Statistics, Sheng Laiyun.

China should maintain liquidity at a reasonably ample level and offer targeted support to companies hit by the coronavirus epidemic, central bank Governor Yi Gang said in a piece he wrote in March, republished over the weekend.

In other news, three mainland telecom giants said they have spent 76 billion yuan on 5G base stations.

And in money markets, the onshore yuan fell 7 points and closed at 7.0836 yuan per one US dollar.

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