BEIJING -China’s industrial firms saw overall profits decline further in the January-October period as COVID-19 outbreaks flared up and cities imposed new virus curbs, including targeted lockdowns, dampening economic activity.
Industrial profits fell 3 percent in the first 10 months of 2022 from a year earlier. That compares with a 2.3-percent drop for January-September, National Bureau of Statistics data released on Sunday showed.
The bureau has not reported standalone monthly figures since July.
Profits declined for 22 of China’s 41 major industrial sectors.
“Recent outbreaks of domestic epidemics have frequently occurred, the risk of global economic recession has intensifi…