BEIJING: Profits at industrial firms in China declined 22.9 per cent in the first two months of 2023 from the year before, official data showed on Monday (Mar 27), as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions. The contraction followed a 4.0 per cent f
BEIJING: Profits at industrial firms in China declined 22.9 per cent in the first two months of 2023 from the year before, official data showed on Monday , as the factory sector struggles to claw its way out of the slump caused by COVID-related disruptions.
Industrial profit numbers cover firms with annual revenues of at least 20 million yuan from their main operations. Factory output growth accelerated to 2.4 per cent in January-February, data showed earlier this month. Beijing is seeking to get the economy back on a recovery track and set a modest growth target of around 5 per cent for this year at this month's annual parliamentary gathering.
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