Profits at China's industrial firms fell in March although at a slower pace than in the first two months, with many sectors seeing significant declines, suggesting the economy is still struggling to resume production after the coronavirus outbreak.
BEIJING - Profits at China’s industrial firms fell in March although at a slower pace than in the first two months, with many sectors seeing significant declines, suggesting the economy is still struggling to resume production after the coronavirus outbreak.
China’s industrial firms earned 370.66 billion yuan in March, down 34.9% from a year earlier, data from the National Bureau of Statistics showed. This follows a 38.3% slump in January-February, the steepest drop since at least 2010. The advanced manufacturing sector, as well as private, small-scale and foreign invested companies all saw narrower drops in profits in March compared with the first two months.
The deep drop in industrial firms’ profits comes as China’s economy shrank for the first time since at least 1992 in the first three months. Factory gate prices, a key barometer for industrial demand, posted the deepest deflation in five months in March. Chinese President Xi Jinping has said Beijing will step up investment in traditional industries such as transportation and energy as well as new infrastructure areas including 5G and artificial intelligence to boost the economy.
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