(Finance) – In the first ten months of 2022, China’s industrial profits recorded an acceleration of the downward trend, due to the effects related to the new wave of Covid-19 infections on the country’s economy and at lockdown measures that the Beijing government has launched as part of its Zero Covid policy on both demand and economic activity.
Between January and October, therefore, corporate profits are down 3% on an annual basis against the decrease of 2.3% recorded in the January-September period.
The data released byNational Statistics Institute of China refer to the profits earned by large companies, whose core business generates total annual revenue exceeding 20 million yuan.