Decline in China's industrial profits slows in April

Workers wearing face masks following the coronavirus disease (COVID-19) outbreak load steel products for export to a cargo ship at a port in Lianyungang, Jiangsu province, China May 27, 2020. China Daily via REUTERS

BEIJING: Profits at China's industrial firms fell at a slower pace in April, helped by improvements in automobiles and electronics, but the damage wrought by the coronavirus crisis is set to keep the economy and businesses under pressure for most of this year.

Earnings fell 4.3% year-on-year to 478.1 billion yuan ($67 billion) last month, after plunging 34.9% in March, the statistics bureau said on Wednesday.