Economics
China’s Industrial Profits Plunge for First Time Since 2020
- Profits under ‘obvious short-term pressure,’ NBS official says
- Foreign firms see profits drop 16.2% in first four months
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Profits at Chinese industrial firms shrank last month for the first time in two years as Covid outbreaks and lockdowns disrupted factory production, transport logistics and sales.
Industrial profits fell 8.5% in April from a year earlier, data from the National Bureau of Statistics showed Friday. It’s the worst performance since April 2020.