The National Bureau of Statistics of China has released statistics that disappointed economists. It became known that in March, the profit of national industrial enterprises with State participation had decreased by 34.9% in annual terms. The Office has reported that in absolute terms, the figure has totaled 52.43 billion US dollars.
We recall that for the first two months of the year, a similar indicator has fallen by 38.3% in annual terms. Foreign and private enterprises in China have shown approximately the same indicators on revenue.
The National Bureau of Statistics has announced the figures for profit for the first quarter: its total volume has amounted to 102.8 billion US dollars, which is 36.7% less than the same indicator for the first quarter of last year.
Unfortunately, the statistics has turned out to be worse than predicted. The officials consider that such low figures are attributable to the slow pace of the Chinese economy’s recovery. In addition, the more serious (than originally thought) damage to the economy of the Celestial Empire caused by the coronavirus epidemic became one more reason for worsening the statistics.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group