China's industrial profits drop as Covid hits economy

That compares with a 2.3% drop for January-September, National Bureau of Statistics data released over the weekend showed.Profits declined for 22 of China's 41 major industrial sectors.

Since October, outbreaks have only grown and mounting anger over China's harsh zero-Covid policies that aim to stamp out the virus sparked rare protests by citizens over the weekend. China on Sunday reported a fourth day of record cases in a row. Sectors showing the steepest declines included the petroleum, coal and fuel processing industry which saw profits tumble 70.9%. That compares with a 67.7% drop for the first nine months.In the mining sector, profits grew 60.4% in January-October compared with a 76.0% gain for the first nine months.

Likewise, analysts from Oxford Economics cut their 2022 and 2023 GDP forecasts as they believe a broadening of lockdown measures is expected.

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