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Financial News: China Industrial Profits Decline Further

China Industrial Profits Decline Further

12/27/2022 - 00:42:00 (RTTNews)

(RTTNews) - China's industrial profits declined at a faster rate in the January to November period as slowing demand and the resurgence of Covid cases weighed on industrial activity, official data revealed Tuesday.

Industrial profits decreased 3.6 percent in January to November period, which was bigger than the 3.0 percent decline in January to October, the National Bureau of Statistics reported.

Industrial output slowed down and business operations came under pressure due to factors such as the resurgence of the epidemic and the weak demand, NBS statistician Zhu Hong said.

Official data released early this month showed that industrial production grew at a much weaker pace and factory gate prices posted second consecutive annual fall in November on high base of comparison and weak commodity prices.

In November, industrial production growth more than halved to 2.2 percent from 5.0 percent a month ago. At the same time, factory gate prices fell 1.3 percent, the same pace of decrease as seen in October.

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