Profits at industrial firms in China continued to decline in the first 10 months of the year, weighed down by COVID restrictions and falling factory-gate prices, reports Bloomberg. Industrial profits in the January-to-October period fell 3.0% from a year earlier, data from the National Bureau of Statistics showed Sunday. That compared with a decline of 2.3% in the first nine months.
The NBS hasn’t released single-month data since June.
“The structure is in general improved while the profit is dropping,” said in an interpretation statement with the data. “The COVID outbreaks in China and the recession risks of the global economy may add more pressure to the recovery of industrial profits.”