BEIJING : Profits at China's industrial firms tumbled 18.8 per cent year-on-year in the first five months of 2023, data showed on Wednesday, as companies were hit hard by a squeeze in margins from softening demand amid a stumbling post-COVID economic recovery.The slide extended a 20.6 per cent profit fall
BEIJING : Profits at China's industrial firms tumbled 18.8 per cent year-on-year in the first five months of 2023, data showed on Wednesday, as companies were hit hard by a squeeze in margins from softening demand amid a stumbling post-COVID economic recovery.
In May alone, industrial earnings contracted by 12.6 per cent from a year earlier, according to the NBS, which only occasionally publishes monthly figures. Profits were down 18.2 per cent in April. The patchy recovery has prompted S&P Global, Goldman Sachs and other global agencies to ratchet down their China growth forecasts for this year.
In his keynote speech to the Summer Davos Forum in Tianjin on Tuesday, Premier Li Qiang said that China will roll out more effective policy measures to expand domestic demand.
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