China’s industrial profits in the January-February holiday period were down -0.3% YoY, up from the -3.3% YoY decline in December.

• Operating income was up 2.8% YoY, and operating costs were up 2.9% YoY.
• Mining industrial profits have fallen -25.2% YoY with mining operating incomes down -10.6% YoY.
• Manufacturing profits improved 4.8% YoY on a 4.0% YoY increase in operating incomes.
• State-controlled firms saw profits up 2.1% YoY while private firms saw profits down -9.0% YoY.