Profits made by China's industrial firms dropped 6.3% from a year earlier t...
BEIJING - Profits made by China’s industrial firms dropped 6.3% from a year earlier to 588.39 billion yuan in December, official data showed on Monday.
For the full year of 2019, industrial profits declined 3.3% on an annual basis to 6.19955 trillion yuan , compared with the 2.1% dip in the January-November period, the National Bureau of Statistics said on its website. Chinese industrial firms’ liabilities rose 5.4% from a year earlier to 67.39 trillion yuan by end-2019, versus a 5.3% rise as of end-November.
Manufacturers in the world’s second-largest economy could face bigger hits to profitability as China wrestles with its worst slowdown in nearly 30 years and as a coronavirus outbreak disrupts supply chains.
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