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China’s industrial profits declined at a faster pace in the first ten months of this year, as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, official data revealed.
Industrial profits declined 3.0 percent in the January to October period, which was faster than the 2.3 percent drop in the January to September period, the National Bureau of Statistics reported.
The bureau said recent outbreaks of epidemics have occurred frequently, the risk of economic recession has intensified, and industrial enterprises are under greater strain.
Data released earlier this week showed that industrial production growth eased to 5.0 percent in October from 6.3 percent in September.
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