China’s Jan-Sept industrial profits fall at a faster pace
2022.10.26 22:06
© Reuters. FILE PHOTO: A worker rides on a vehicle carrying pipes past an industrial park in Shenyang, Liaoning province, China, September 30, 2021. REUTERS/Tingshu Wang/File Photo
BEIJING (Reuters) – Profits at China’s industrial firms fell at a faster pace in the January-September period as COVID curbs and a worsening property crisis continued to weigh heavily on factory activity.
Profits fell 2.3% in the first nine months of 2022 from a year earlier, after a 2.1% drop in the January-August period, according to data from the National Bureau of Statistics (NBS) released on Thursday.
The bureau did not report standalone figures for September.
Industrial profits data covers large firms with annual revenues above 20 million yuan ($2.79 million) from their main operations.
After nearly contracting in spring, China’s third-quarter economic growth was faster than expected, helped by a raft of government measures. September activity data showed strong industrial output, but prolonged property woes, slower exports and stubbornly weak retail sales are clouding the outlook for a more robust recovery in the longer term.
($1 = 7.1710 renminbi)
