June 29, 2020 / 2:07 AM / 14 days ago

China state firms' profits fall 52.7% year-on-year in Jan-May: finance ministry

FILE PHOTO: A Chinese flag is pictured at Lujiazui financial district in Pudong, Shanghai, China May 22, 2020. REUTERS/Aly Song

BEIJING (Reuters) - Profits at China’s state-owned firms fell 52.7% y/y in Jan-May, according to a statement from the country’s Finance Ministry on Monday, to 663.1 billion yuan ($93.67 billion).

($1 = 7.0794 yuan)

Reporting by Huizhong Wu; Editing by Tom Hogue

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