Business News Asia
The National Bureau of Statistics (NBS) reported Tuesday that industrial profits fell 2.1% in the first eight months of 2022 from a year earlier, following a 1.1% decline in the January-July period.
The Chinese economy surprisingly recovered in August. Factory production and retail sales rose faster than expected, but the real estate crisis and the COVID-19 freeze are affecting the trend.
China’s industrial production increased by 4.2% year-on-year in August. This was up from the 3.8% increase in July.
Liabilities of industrial companies increased by 10.0% year-on-year in August. This was slightly slower than the 10.5% growth in July.
The Chinese cabinet proposed another stimulus package at the end of August to revive the slumping economy. This includes an additional 300 billion yuan in quotas for policy-based financial instruments.
Industrial profit data refers to large enterprises with annual sales of more than 20 million yuan from core operations.