China Statistics Bureau: Rising Prices Helped Improve Corporate Profits

The framing here matters more than the profit number: Beijing is attributing improved industrial earnings partly to price effects, which suggests the recovery is at least partly nominal rather than purely volume- or efficiency-driven. That distinction affects how much credit the data can carry as evidence of genuine demand strength, particularly for commodities- and materials-linked sectors that feed RWA and tokenized-asset narratives. The explicit acknowledgment that some sectors remain under stress, alongside new stabilization policies, signals the improvement is uneven. Whether price support persists once base effects fade, and whether policy support reaches the lagging industries, is the open question.