Chinese data released over the weekend, Jan- Feb industrial profits up 179% y/y

Profits in the first two months of 2021 were up 179% from the same period last year

  • At the time last year (January-February) China was entering and then in strict COVID-19 lockdown ahead of the rest of the globe

It may be more instructive to compare with Jan-Feb of 2019

  • profits were up 72.1% from the 2019 levels

ps China Stats have combined data for January and February to exclude distortions caused by the week-long Lunar New Year, which fell in February in 2021

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