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China's industrial profits tumble 18.8% in Jan-May
Profits at China's industrial firms shrank by 18.8 per cent year-on-year in the first five months of 2023, official data showed on Wednesday, as companies wrestled with margin squeezes from softening demand amid a stumbling post-COVID economic recovery. The tumble followed a 20.6 per cent profit fall in the January-April period, according to data from the National Bureau of Statistics (NBS). Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations. ($1 = 7.2182 Chinese yuan renminbi)