Despite trade tensions... China's industrial profits rise in April
Beijing - (Saba):
Industrial profits in China rose 3% in April, reflecting the resilience of the Chinese economy despite ongoing trade tensions with the United States and domestic deflationary pressures, according to official data released Tuesday.
Industrial profits from January to April grew 1.4% year-on-year, reaching 2.1 trillion yuan (about $292 billion), compared to a cumulative increase of 0.8% in the first quarter.
This comes as the United States imposed comprehensive tariffs in April, exempting most countries, with China receiving tariffs of 145%, raising concerns about the impact on the export-dependent Chinese economy.
Profits of private sector companies grew 4.3%, while profits of foreign companies rose 2.5%, while profits of state-owned enterprises declined 4.4%.
The Chinese government continues to push forward stimulus plans, announcing in May comprehensive measures to support growth by reducing interest rates and injecting liquidity, in light of the continued contraction in factory prices for the (31) consecutive month.
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Express Tribune
29 minutes ago
- Express Tribune
US warns of China threat, urges Indo-Pacific allies to boost defence spending
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China views Taiwan as its own territory and has vowed to "reunify" with the democratic and separately governed island, by force if necessary. It has stepped up military and political pressure to assert those claims, including increasing the intensity of war games around Taiwan. Taiwan's government rejects Beijing's sovereignty claims, saying only the island's people can decide their future. "It has to be clear to all that Beijing is credibly preparing to potentially use military force to alter the balance of power in the Indo Pacific," Hegseth said. China said the comments "were steeped in provocations and instigation". "Mr. Hegseth repeatedly smeared and attacked China and relentlessly played up the so-called 'China threat'," the Chinese embassy in Singapore said on its Facebook page. "As a matter of fact, the U.S. itself is the biggest 'troublemaker' for regional peace and stability." Hegseth's comments on allies needing to increase spending is likely to cause consternation amongst partners, even though experts said he faced a relatively friendly audience in Singapore. China's Defence Minister Dong Jun has decided to skip the major Asian security forum and Beijing has sent only an academic delegation. Hegseth has previously taken aim at allies in Europe for not spending more on their own defence. In February, he warned Europe against treating America like a "sucker" while addressing a press conference at NATO headquarters in Brussels. On Friday, while delivering the keynote address at the Shangri-La Dialogue, French President Emmanuel Macron said Hegseth was justified in asking Europe to increase its own defence spending. Europe stepping up IISS Shangri-La Dialogue security summit in Singapore U.S. Defense Secretary Pete Hegseth speaks at the IISS Shangri-La Dialogue security summit in Singapore, May 31, 2025. REUTERS/Edgar Su Purchase Licensing Rights, opens new tab "It's hard to believe, a little bit, after some trips to Europe that I'm saying this, but thanks to President Trump, Asian allies should look to countries in Europe as a new found example," Hegseth said. "NATO members are pledging to spend 5% of their GDP on defence, even Germany. So it doesn't make sense for countries in Europe to do that while key allies in Asia spend less on defence in the face of an even more formidable threat, not to mention North Korea." Dutch Defence Minister Ruben Brekelmans said it was important to have Hegseth acknowledge that European countries were stepping up. "It was for me maybe the first time or one of the first times I heard the U.S administration acknowledge this explicitly," Brekelmans said, referring to Hegseth's comments. 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