China Industrial Profits Drop on Weak Demand, Falling Prices
- Factory prices fell in Jan-Feb, curbing revenues and profits
- Profits of foreign firms declines 35.7% in first two months
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Profits at industrial firms in China plunged in the first two months of the year as factories had yet to fully recover from a Covid-induced slump and prices continued to decline.
Industrial profits in the January-February period dropped 22.9% from a year earlier, the National Bureau of Statistics said Monday. For the entirety of 2022, profits declined 4% from the prior year.