China's major industrial firms' profit down 22.9% in Jan-Feb '23: NBS

Although industrial production rebounded, market demand did not fully recover, said Chinese media outlets quoting NBS statistician Sun Xiao.

The revenue of major industrial firms in China was down 1.3 per cent YoY in Jan-Feb 2023. Furthermore, operating costs of enterprises declined, leading to a plunge in corporate gross profits and dragging down industrial profits by 18.6 per cent compared to the same period last year.

Amid an increase in domestic consumption, the consumer goods manufacturing sector saw a reduction in profit losses during the first two months of 2023.

Industrial profits would gradually recover in the next stage as production and life return to normal, Xiao added.

ALCHEMPro News Desk (DP)