Profits at China's industrial firms rebounded in March, driven by a boost in income from the high-technology manufacturing sector and signaling economic resilience amid trade tensions with the US.
Industrial profits rose by 2.6% in March from a year earlier, taking the gain for the first quarter to 0.8%, according to data released Sunday by the National Bureau of Statistics. Last month's data compares with a 0.3% contraction for the first two months.
Lifting business confidence
A turnaround in industrial profit is regarded as critical in lifting business confidence, and encouraging companies to invest and hire, to help the Chinese government achieve its reiterated commitment to achieve around 5% economic growth this year.
High-technology focused manufacturers' profit rose 3.5% in the quarter, reversing a 5.8% decline in the first two months of the year. Almost three-fifths of industrial sectors recorded profit growth in March, according to the statement.
China said on Friday it will "fully prepare" emergency plans to protect the nation against increasing external shocks as it defends its growth goals amid a deepening trade war with the US that is challenging the world's No. 2 economy.
The country's decision-making Politburo pledged to create new monetary and policy tools to boost technology, consumption and trade. Such steps could allow for faster deployment of low-cost credit for investment in targeted areas.
Wider tax rebate for tourists
Meanwhile, China said it will lower the tax rebate threshold for foreigners visiting the nation an effort to boost consumption as Beijing attempts to offset some of the damage of the trade war.
Tourists who spend at least 200 yuan ($27) on the same day at the same store will be eligible for the rebate, according to a joint statement from the ministry of finance, the People's Bank of China and other government departments. The current threshold is 500 yuan.
The government will also expand the list of eligible tax-refund stores and streamline procedures to make it easier for tourists to claim the rebate, according to the statement. The maximum rebate amount for cash claims will be increased to 20,000 yuan, it added.
Brief on policies today
On Monday, Beijing will hold a press conference about policies and measures on stabilizing employment, ensuring stable growth and promoting high-quality development.
The National Development and Reform Commission, ministry of human resources and social security, ministry of commerce and People's Bank of China will jointly hold the briefing at 10 am, according to a notice from State Council Information Office.
Industrial profits rose by 2.6% in March from a year earlier, taking the gain for the first quarter to 0.8%, according to data released Sunday by the National Bureau of Statistics. Last month's data compares with a 0.3% contraction for the first two months.
Lifting business confidence
A turnaround in industrial profit is regarded as critical in lifting business confidence, and encouraging companies to invest and hire, to help the Chinese government achieve its reiterated commitment to achieve around 5% economic growth this year.
High-technology focused manufacturers' profit rose 3.5% in the quarter, reversing a 5.8% decline in the first two months of the year. Almost three-fifths of industrial sectors recorded profit growth in March, according to the statement.
China said on Friday it will "fully prepare" emergency plans to protect the nation against increasing external shocks as it defends its growth goals amid a deepening trade war with the US that is challenging the world's No. 2 economy.
The country's decision-making Politburo pledged to create new monetary and policy tools to boost technology, consumption and trade. Such steps could allow for faster deployment of low-cost credit for investment in targeted areas.
Wider tax rebate for tourists
Meanwhile, China said it will lower the tax rebate threshold for foreigners visiting the nation an effort to boost consumption as Beijing attempts to offset some of the damage of the trade war.
Tourists who spend at least 200 yuan ($27) on the same day at the same store will be eligible for the rebate, according to a joint statement from the ministry of finance, the People's Bank of China and other government departments. The current threshold is 500 yuan.
The government will also expand the list of eligible tax-refund stores and streamline procedures to make it easier for tourists to claim the rebate, according to the statement. The maximum rebate amount for cash claims will be increased to 20,000 yuan, it added.
Brief on policies today
On Monday, Beijing will hold a press conference about policies and measures on stabilizing employment, ensuring stable growth and promoting high-quality development.
The National Development and Reform Commission, ministry of human resources and social security, ministry of commerce and People's Bank of China will jointly hold the briefing at 10 am, according to a notice from State Council Information Office.
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