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China's industrial firms post steepest fall in profits in a decade
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China's industrial firms post steepest fall in profits in a decade
Profits at China's industrial firms slumped in the first two months of the year to their lowest in at least a decade, with the mining, manufacturing and power sectors all seeing sharp falls, as a virus epidemic battered China's economy. Profits earned by Chinese industrial firms in the first two months dropped 38.3% from a year earlier to 410.7 billion yuan ($58.15 billion), worsening from a 6.3% fall seen in December last year, the National Bureau of Statistics (NBS) data showed. The decline in profits points to lingering trouble for the manufacturing sector, which is wrestling with fallout from the health crisis that has severely hurt output and is expected to halve economic growth in the current quarter compared with the previous three months.
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