September 28, 2023

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China Jan-Oct industrial profits fall 3.0% y/y By Reuters

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© Reuters. FILE PHOTO; Workers work at a construction site, following the coronavirus disease (COVID-19) outbreak, in Shanghai, China, October 10, 2022. REUTERS/Aly Song

BEIJING (Reuters) – Profits at China’s industrial firms fell 3.0% in January-October from a year earlier, after a 2.3% slump in the first nine months, according to data from the National Bureau of Statistics (NBS) released on Sunday.

The bureau did not report standalone figures for October.

With new COVID-19 cases in China hitting record highs and more cities imposing strict anti-virus measures, consumption is slowing sharply in the world’s second-largest economy, while exports are succumbing to cooler global demand.

Some analysts now believe GDP could contract in the current quarter from the third quarter.

Industrial profit data covers large firms with annual revenues above 20 million yuan ($2.8 million) from their main operations.

($1 = 7.1480 renminbi)

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