BEIJING :Profits at China's industrial firms fell at a faster pace in January-October as a resurgence of COVID-19 cases and a deepening property crisis weighed on factory activity and demand.
Some analysts now believe GDP could contract in the current quarter from the third quarter, and have cut their 2023 forecasts, predicting the path to reopening the economy will be slow and bumpy. Likewise, analysts from Oxford Economics also cut their 2022 and 2023 GDP forecasts as they believe a broadening of lockdown measures is expected.
To prop up the faltering economy, authorities have rolled out a flurry of measures recently, including moves to ease some COVID curbs and provide financial support to the ailing property market, which have underpinned market sentiment.
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