On account of decreased demand and declining prices, China’s industrial earnings shrank even more in the first two months of 2023, according to official figures.
The National Bureau of Statistics stated that in the months of January and February, industrial profits fell 22.9 percent annually. The decline came after a contraction of 4.0 percent for the entire year of 2022.
Despite the restrictions being removed at the end of 2022, data revealed that factories have not yet recovered from the pandemic-driven slowdown.
After falling by 0.8 percent in January, factory gate prices fell by 1.4 percent annually in February. Factory revenues and profits are still being negatively impacted by declining producer prices.
Source: RTT NEWS
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