Affected by multiple negative impacts such as weak demand, the profits of industrial enterprises in China fell by more than 20% year-on-year in the first two months.

(Schematic, AFP)

[Financial Channel/Comprehensive Report] Affected by multiple negative impacts such as weak demand and falling industrial product price index (PPI), the profits of industrial enterprises in China fell by more than 20% year-on-year in the first two months. The profit was avalanche 35.7% compared with the same period last year.

According to the latest data released by the National Bureau of Statistics of China, the total profits of industrial enterprises above designated size in the country in the first two months of 2023 plummeted by 22.9% compared with the same period last year, and the decline was 18.9 percentage points larger than that in 2022.

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Looking at the industry, the decline in manufacturing profits in the first two months expanded by 19.2 percentage points to 32.6%, of which the profits of raw materials and equipment manufacturing industries fell sharply, dragging down industrial profits by 15.7 and 6.5 percentage points respectively.

The profits of the electricity, gas and water production and supply industry showed a growth trend, with an annual increase of 38.6%, but the growth rate slowed down by 3.2 percentage points compared with the whole year of 2022.

In addition, the profits of private enterprises in China have also plummeted, with an annual decrease of 19.9%, and the decline has expanded by 12.7 percentage points; foreign-funded and Hong Kong, Macao and Taiwan-invested enterprises are the worst, with profits falling by 35.7% compared with the same period last year, and the decline has expanded by 26.2 percentage points.

The decline in the profits of China's state-owned enterprises is a little smaller than that of private enterprises and foreign-invested enterprises. In the first two months, the profits of state-owned holding companies fell by 17.5% year-on-year.

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