China's industrial profits drop further

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 3.0% in the first 10 months of 2022 from a year earlier. That compares with a 2.3% drop for January-September, Qazet.az reports according to National Bureau of Statistics data released on Sunday.

The bureau has not reported standalone monthly figures since July.

Profits declined for 22 of China's 41 major industrial sectors.