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  • China’s industrial profits rose in Q1 on lower costs and higher revenues from precautionary front-loading.
  • Producer reflation supported the rise, but was more evident in metals and upstream energy sectors.
  • Profit growth will face pressure from war-related costs, fading front-loading and weak domestic demand.

China

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Keywords for: 28 April 2026 China+ Monitor

independent macro research, Pantheon Macro, Pantheon Macroeconomics, independent research, ian shepherdson, economic intelligence