Profits at China's industrial firms slumped in the first four months of 2023, official data showed on Saturday, as companies continued to struggle with margin pressures and soft demand amid a faltering economic recovery.
Profits fell 20.6% in January-April from a year earlier, compared with a 21.4% decline in the first three months, according to data from the National Bureau of Statistics .
Lenovo, the world's largest PC maker, said this week that quarterly revenue and profit tanked in January-March and it had cut 8% to 9% of its workforce to reduce costs, as global demand for personal computers continued to slump. , a subsidiary of the world's largest steelmaker-China Baowu Steel Group, said in an investor interactive platform on May 22.
In the next stage, China will focus on restoring and expanding demand, further improve the level of production and marketing, and boost business confidence, NBS statistician Sun Xiao said.industrial output, retail sales and property investmentBeijing has set a modest growth target of around 5% for this year.
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