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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)

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