Profits at China's industrial firms contracted further in the January-November period as strict COVID 19-related curbs disrupted factory activity and supply chains, but analysts foresaw brighter long-term economic prospects after a U-turn in COVID policy.
Industrial profits fell 3.6% in January-November from a year earlier to 7.7 trillion yuan , according to data released by the National Bureau of Statistics on Tuesday. That compares with a 3.0% drop for January-October. No standalone data was released for November.
But they expect a robust recovery could kick in next year as the economy reopens, although for the near term there was likely to be a further slump as the removal of restrictions brings a sharp rise in infections.rose only 2.2% from a year earlier, missing expectations for a 3.6% gain in a Reuters poll and slowing significantly from the 5.0% growth seen in October.
He added that strong improvement is highly likely from next January, however, as economic activity returns to normal, and called for robust and targeted policies to help revive private-sector firms in the year ahead. For January-November, profits at private-sector firms shrank 7.9%, a slight improvement from the 8.1% fall in the first 10 months.
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