China’s industrial profits tumble further as COVID woes steal toll on economy thumbnail

China’s industrial profits tumble further as COVID woes steal toll on economy

Workers work at a construction site, following the coronavirus disease (COVID-19) outbreak, in Shanghai

BEIJING (Reuters) – Profits at China’s industrial corporations fell 3.0% in January-October from a one year earlier, after a 2.3% creep within the first 9 months, in accordance with recordsdata from the National Bureau of Statistics (NBS) launched on Sunday.

The bureau did no longer document standalone figures for October.

With recent COVID-19 cases in China hitting file highs and further cities imposing strict anti-virus measures, consumption is slowing sharply on this planet’s second-largest economy, while exports are succumbing to cooler worldwide query.

Some analysts now mediate GDP might maybe well contract within the present quarter from the third quarter.

Industrial profit recordsdata covers trim corporations with annual revenues above 20 million yuan ($2.8 million) from their most vital operations.

($1=7.1480 Chinese yuan renminbi)

(Reporting by Liz Lee, Ella Cao and Liangping Gao; Editing by William Mallard)

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Tags: China’s,industrial