China Industrial Profits Drop 20.6% in Jan-April

Profits earned by China's industrial firms dropped by 20.6% from a year earlier to CNY 2,032.88 billion in the first four months of 2023, as factory activity struggled to recover from the slump caused by pandemic disruptions.

The decline followed a 21.4 % plunge in the prior period and a 4% fall in 2022, with profits shrinking in both state-owned firms (-17.9% vs -16.9% in Jan-March) and the private sector (-22.5% vs -23.0%).

Among the 41 industries surveyed, 27 saw losses.