CHINA-ECONOMY: CHINA'S INDUSTRIAL PROFITS DROPPED IN JANUARY AND FEBRUARY 2020

China's National Bureau of Statistics (NBS) disclosed that industrial profits for January and February had dropped. Reuters said “Profits earned by Chinese industrial firms [with annual revenue of more than RMB 20 million] in the first two months dropped 38.3% from a year earlier to 410.7 billion yuan ($58.15 billion), worsening from a 6.3% fall seen in December last year. It marked the steepest decline in data going back to 2010.” It cited sector-wise figures as:  Profits for the electrical equipment industry were down 87%; Profits for the auto sector were down 79.6%; Profits for the electronics industry were down 68.2%; and Profits for the chemicals industry were down 66.4%. The few sectors that showed growth are: Tobacco companies saw profits increase by 31.5%; Non-ferrous metals companies saw profits rise by 28.3%; and Oil and gas producers saw profits grow by 23.7%.





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