The profits for China's big industrial enterprises have fallen by 36.7 percent year-on-year in the first quarter of 2020, the National Bureau of Statistics (NBS) said in a statement on Monday
MOSCOW (Pakistan Point News / Sputnik - 27th April, 2020) The profits for China's big industrial enterprises have fallen by 36.7 percent year-on-year in the first quarter of 2020, the National Bureau of Statistics (NBS) said in a statement on Monday.
"From January to March, China's big industrial enterprises have generated a total profit of 781.45 billion Yuan [about $110.4 billion], down 36.7 percent year-on-year," the statement said.
In March, the profits for the big industrial enterprises were 370.66 billion yuan, which was 34.9 percent lower than the previous year, the statement added.
Nevertheless, the NBS noted that China's the speed of the profits decline slowed in March by 1.6 percent compared to the first two months of this year.
Official figures from the NBS showed that China's GDP fell by 6.8 percent from a year ago in the first quarter, as the country focused on containing the spread of the deadly new coronavirus disease (COVID-19) by introducing strict lockdown measures nationwide.
