China Jan-Nov industrial profits fall 3.6% vs Jan-Oct 3% fall

Workers work at a construction site in Shanghai
Workers work at a construction site in Shanghai, China, October 13, 2022. REUTERS/Aly Song/File Photo

BEIJING, Dec 27 (Reuters) - Profits at China's industrial firms in January-November fell 3.6% from a year earlier, after contracting 3.0% in the first 10 months, according to data the National Bureau of Statistics (NBS) released on Tuesday.

The bureau did not report standalone figures for November.

The world's second-largest economy faces headwinds from multiple directions. COVID-19 infections are surging after an abrupt relaxation of harsh restrictions, hitting businesses and consumers, while a weakening global economy is hurting Chinese exports.

Industrial profit data covers large firms with annual revenue above 20 million yuan ($2.87 million) from their main operations.

($1 = 6.9792 Chinese yuan renminbi)

Reporting by Ellen Zhang and Ryan Woo; Editing by Edmund Klamann

Our Standards: The Thomson Reuters Trust Principles.

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