2023.03.2706:31:00UTC+00China Industrial Profits Fall Sharply

The decline in China's industrial profits deepened in the first two months of 2023 on weaker demand and falling prices, official data showed Monday.

Industrial profits plunged 22.9 percent on a yearly basis in January to February period, the National Bureau of Statistics reported. The decrease followed a 4.0 percent contraction in the full year of 2022.

Data suggested that factories are yet to recover from the pandemic-driven downturn despite the removal of restrictions at the end of 2022.

In February, factory gate prices slid 1.4 percent on a yearly basis after a 0.8 percent drop in January. Falling producer prices continue to weigh on both revenues and profits of factories.