Profits earned by China's industrial firms in March fell 34.9% from a year earlier to 370.66 billion yuan ($52.43 billion), the statistics bureau said on Monday.
FILE PHOTO: Workers wearing face masks are seen on a production line manufacturing parts for trailers to be exported to the U.S. at a factory, as the country is hit by an outbreak of the novel coronavirus disease , in Taizhou, Jiangsu province, China March 28, 2020. PChina Daily via REUTERS
BEIJING - Profits earned by China’s industrial firms in March fell 34.9% from a year earlier to 370.66 billion yuan , the statistics bureau said on Monday. The decline compares with a 38.3% slump in January-February, which was the steepest decline since at least 2010.Liabilities at industrial firms rose 5.4% on year at end-March, versus a 5.3% increase as of end-February.
The industrial profit data covers large firms whose annual revenue exceeds 20 million yuan from their main operations. The slide in profits reflects continued pressure on China’s manufacturing sector, hard-hit by slowing global demand from the coronavirus pandemic and the contraction of China’s economy for the first time in nearly 30 years in the first quarter.
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