China's 2022 industrial profits fall 4.0%

BY Reuters | ECONOMIC | 01/30/23 08:38 PM EST

BEIJING, Jan 31 (Reuters) - Profits at China's industrial firms fell 4.0% in 2022 from a year earlier, according to data from the National Bureau of Statistics (NBS) on Tuesday.

The NBS did not release figures for December alone. Profits had contracted 3.6% in the first 11 months, versus a year earlier.

China's economic growth in 2022 slowed to one of its weakest rates in nearly half a century as the economy was hit hard by strict COVID-19 curbs and a property market slump.

Industrial profits data covers firms with annual revenues above 20 million yuan ($3 million) from their main operations.

($1 = 6.7575 Chinese yuan renminbi) (Reporting by Ellen Zhang, Ella Cao and Ryan Woo; Editing by Bradley Perrett and Kim Coghill)

In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.