China's industrial profits fell in Jan. - Feb., 2023
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Loading... - Mei Xing Leung
- 27 Mar 2023
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Profits of Chinese major industrial firms stood at 88.72 billion yuan ($12.9 billion), which fell 22.9 percent year-on-year, in the first two months of 2023, data from the National Bureau of Statistics (NBS) showed on Monday.
Despite industrial production seeing a rebound, market demand hadn't fully recovered, NBS statistician Sun Xiao said in a statement.
Major industrial firms' revenue was down 1.3 percent year-on-year.
The decline in revenue was greater than the drop in costs, weighing on gross corporate profits, Sun added.
Sun said the Producer Price Index (PPI) dropped 1.1 percent year-on-year in January to February, due to the high base of the same period last year, putting pressure on firms' profits. Read More…
