As the world’s second-largest economy is still struggling to fully recover from the long-term effects of COVID-19, most notably soft demand and high costs, Chinese industrial firms’ profits continued to dampen during the first two months of 2023.
National Bureau of Statistics (NBS) data released this week showed a sharp 22.9 percent contraction after a 4.0 percent fall in industrial profits in 2022.
The decline is due to ongoing soft demand, despite a rise in industrial output, said NBS statistician Sun Xiao on the bureau’s website.
Source : China’s industrial profits hampered by soft demand and elevated costs