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BEIJING –Profits at China’s industrial firms shrank at a faster pace in January-August, as strict COVID restrictions and a deepening property slump weighed on domestic demand and heatwaves curbed factory activity.
Profits fell 2.1 percent in the first eight months of 2022 from a year earlier, after a 1.1 percent drop logged in January-July, according to data from the National Bureau of Statistics (NBS) released on Tuesday.
The bureau did not report standalone figures for August.
China’s economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales, but a property crisis and COVID lockdowns weighed on the outlook.
