China's industrial profits down 1.1 pct in Jan-May

Profits of China's major industrial firms dropped 1.1 percent year on year in the first five months of the year, official data showed Friday.

Industrial firms with an annual main business revenue of at least 20 million yuan (about 2.79 million U.S. dollars) saw their combined profits reach 2.72 trillion yuan during the January-May period, according to the National Bureau of Statistics (NBS).

The figure represents an increase of 603.41 billion yuan over the total profits recorded in the January-April period.

Operating revenue of these firms rose 2.7 percent year on year, and the steady growth is expected to support a continued profit recovery in the coming months, the NBS said.

Amid ongoing industrial transformation and upgrading efforts, China’s equipment manufacturing sector maintained steady profit growth during the first five months, posting a 7.2 percent year-on-year increase.

Specifically, the electronics, electrical machinery, and general equipment industries all achieved double-digit profit growth.

During that period, China's aerospace, aviation and shipping sectors showed strong performance, with the aircraft manufacturing sector taking the lead with a remarkable 120.7 percent year-on-year profit growth.

In addition, the spacecraft and carrier rocket manufacturing sector posted 28.6 percent year-on-year profit growth, while shipbuilding and related equipment manufacturing saw an 85 percent increase.

"With accelerated integration of technological and industrial innovation, China's industrial products are incorporating more advanced technologies. Market demand continues to grow for intelligent, green and high-quality products, driving up the profits of related enterprises. Moving forward, the implementation of more proactive macroeconomic policies coupled with accelerated industrial upgrading will ensure stable industrial economic operations while creating favorable conditions for enhancing industrial enterprises' management efficiency," said Chen Xi, deputy research fellow at the Academy of Macroeconomic Research under China's National Development and Reform Commission.

China's industrial profits down 1.1 pct in Jan-May

China's industrial profits down 1.1 pct in Jan-May

China's industrial profits down 1.1 pct in Jan-May

China's industrial profits down 1.1 pct in Jan-May

Thousands of demonstrators rallied in Italy and Greece on Saturday to protest against U.S. military intervention in Venezuela, with protesters in Rome, Milan and Athens condemning Washington's actions and calling for respect for Venezuelan sovereignty.

In Rome, more than 1,000 demonstrators marched toward the area near the U.S. Embassy, calling on Washington to immediately release Venezuelan President Nicolas Maduro and his wife.

Police blocked roads around the embassy to prevent protesters from approaching the building, but demonstrators continued to denounce U.S. actions.

"First of all, we oppose U.S. imperialist aggression. This kind of behavior is shameful. The U.S. is attacking a sovereign country, and as [U.S. President Donald] Trump himself has said, this is for oil interests," said protester Giovanni Barbera.

Saturday's rally marked the second large-scale protest in Rome this month against U.S. military operations in Venezuela, following an earlier one on on Jan 3.

Participants included members of multiple political parties, labor unions and social organizations. The protesters held banners reading "Stop imperialist interference" and "Free Maduro," urging the international community to respect Venezuela's sovereignty and the will of its people, and condemning the U.S. for violating international law.

"We are protesting the way the U.S. handles international politics. Since the events of January 3, we have seen violations of international law, and we are very concerned about how the global situation is developing," said protester Stefano De Angelis.

Organizers said solidarity rallies in support of Venezuela were held in 30 Italian cities on the same day.

Meanwhile, similar protests were also staged in Greece. About 200 people gathered outside the U.S. Embassy in Athens, voicing support for Venezuela and opposition to U.S. military actions.

"We oppose U.S. imperialism and its attack on Venezuela. At the same time, the U.S. is also threatening Cuba, Mexico and Greenland. We must stand up against this behavior," said Greek protester Argiro Sirmakezi.

Protesters rally in Italy, Greece against U.S. military operation in Venezuela