Despite the growth of the economy, the profits of industrial production in China fell by 21%
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Industrial production profits in China fell 21% in the first quarter of the year, indicating a slow recovery in the country’s industry despite overall economic growth over the same period.
It is reported Financial Times.
Thus, the profits of industrial production in the country fell by 21%. It is about the profit arising in the sectors of industry, commercial and production activities of enterprises.
At the same time, industrial production itself increased by 3%.
The earnings data showed little change from the first two months of the year, when industrial earnings fell 23% year-on-year.
Industrial activity in China has improved compared to other indicators in recent months after the government lifted strict pandemic measures late last year. The country’s GDP grew by 4.5% in the first quarter.
Currently, markets are closely watching the recovery of economic activity in China, because the increase in production in the country could cause significant additional pressure on prices, especially in energy markets such as oil.
On the other hand, the opening of China to the international market will help the world economy to support demand, and the return of Chinese industry will help reduce inflation due to a greater supply of goods.
We remind you:
China’s economy, wracked by a debt crisis, lockdowns and a property market crash, ended 2022 with growth, but it was one of the lowest since the 1970s.
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