Profits at China's industrial firms slumped in the first four months of 2023, official data showed, as companies struggle with margin pressures and soft demand amid a faltering economic recovery.
Employees work on an electronics production line on Feb. 2, 2023, at a factory in Longyan, Fujian province in China.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.
"Overall, today's data shows that industrial enterprises, especially private and equity-owned enterprises, continue to be affected by a combination of unfavourable factors such as the base effect, short-term pressure on the economic recovery and the downward trend of PPI ," said Bruce Pang, chief economist at Jones Lang Lasalle.
Producers of steel and other industrial metals are also hurting. Prices for steel reinforcing bars used in construction hit the lowest level in three years this week, and only a third of the country's mills are currently operating at a profit, according to consultancy Mysteel. Profits sagged for 27 of 41 major industrial sectors during the period, with the ferrous metal smelting and rolling processing industry reporting the biggest slump at 99.4%.
Beijing has set a modest growth target of around 5% for this year. Signs of a brisk recovery in the wake of the country's abrupt end of Covid curbs late last year had prompted many institutions including the World Bank to raise their China growth estimates for 2023.
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