AlwaysFree: China’s Industrial Profit Fell On Coronavirus Impact

On Friday, China’s National Bureau of Statistics (NBS) said that the country’s industrial profit fell due to the coronavirus pandemic.

In the first two months of 2020, industrial profits slumped by 38.3% year-on-year. All levels of producers posted drops in profits by more than 30% on the sudden outbreak of the coronavirus.

Both production and sales fell. Profits were pressured by the climbing costs and the slump in industrial products’ prices fall.

Going forward, analyst Zhang Weihua of NBS foresaw that the profits would improve as business resumptions accelerate, absorbing the shock from the pandemic.

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