($1 = 6.8675 Chinese yuan) (Reporting by Qiaoyi Li, Liangping Gao and Ryan Woo; Editing by Sam Holmes)
BEIJING, March 27 (Reuters) - Profits at industrial
firms in China declined 22.9% in the first two months of 2023
from the year before, official data showed on Monday, as the
factory sector struggles to claw its way out of the slump caused
by COVID-related disruptions.
The decline followed a 4.0% fall in industrial profits for
the whole of 2022, data from the National Bureau of Statistics
(NBS) showed, pointing to a downbeat start to the year for
factories at large.
Industrial profit numbers cover firms with annual revenues
of at least 20 million yuan ($2.91 million) from their main
operations.
Combined January and February data were published for most
Chinese economic indicators to flatten out distortions from the
shifting timing of the Lunar New Year.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.