Industrial profits fell 3.6 percent in January-November from a year earlier, government data shows.
Profits at China’s industrial firms contracted further in the January-November period when strict COVID-19-related restrictions disrupted factory activity and supply chains as the virus spread through key manufacturing hubs.
Industrial profits fell 3.6 percent in January-November from a year earlier to 7.7 trillion yuan ($1.11 trillion), according to data released by the National Bureau of Statistics (NBS) on Tuesday. That compares with a 3.0 percent drop for January-October.
The downbeat data reflects the toll that anti-virus curbs in many cities last month, including major manufacturing hubs Guangzhou and Zhengzhou, took on the world’s second-largest economy, adding to damage from a protracted property crisis and slowing exports.
Last month, industrial output rose only 2.2 percent…
