Profits fell in 22 of the country’s 41 major industrial sectors.
In its statement, the office said the current figures are due to the recurrence of recent outbreaks of local epidemic infection and the growing severity of recession risks in the global economy, which puts industrial enterprises under increased pressure.
Grim data for the world’s second-largest economy reflects a debt crisis in the housing sector and a sharp slowdown in consumer spending.
The industrial sectors that recorded the most marked declines are: Petroleum and coal and fuels, which decreased by 70.9 percent, compared with 67.7 percent in the first nine months of the year.
Even some of the sectors that have seen strong earnings growth have experienced a significant slowdown in the pace of this growth.
Some analysts now believe that China’s gross domestic product will contract in the current quarter compared to the third quarter and have lowered their forecasts for next year, predicting that the recovery path of economic activity will be slow and difficult.
The industrial profit data covers large enterprises with annual revenues of more than 20 million yuan from major operations.
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Data from the Office for National Statistics on Sunday showed industrial profits fell 3% in the first 10 months of 2022 year-on-year, compared with a 2.3% decline over the January-September period.
The Census Bureau has not released it China Figures for each month separately from July.
Profits fell in 22 of the country’s 41 major industrial sectors.
In its statement, the office said the current figures are due to the recurrence of recent outbreaks of local epidemic infection and the growing severity of recession risks in the global economy, which puts industrial enterprises under increased pressure.
Grim data for the world’s second-largest economy reflects a debt crisis in the housing sector and a sharp slowdown in consumer spending.
The industrial sectors that recorded the most marked declines are: Petroleum and coal and fuels, which decreased by 70.9 percent, compared with 67.7 percent in the first nine months of the year.
Even some of the sectors that have seen strong earnings growth have experienced a significant slowdown in the pace of this growth.
Some analysts now believe that China’s gross domestic product will contract in the current quarter compared to the third quarter and have lowered their forecasts for next year, predicting that the recovery path of economic activity will be slow and difficult.
The industrial profit data covers large enterprises with annual revenues of more than 20 million yuan from major operations.
