China's industrial sector experienced a slight setback in 2023 as industrial profits declined by 2.3%, according to recent data. This indicates a slowdown in the world's second-largest economy, which has been a cause for concern among analysts and policymakers.
The figures, released by the National Bureau of Statistics (NBS), reveal that profits of industrial enterprises with an annual revenue above 20 million yuan (around $3 million) reached approximately 6.35 trillion yuan ($968 billion) last year. This marks a decline from the previous year, highlighting the challenges faced by China's industries and the broader economic landscape.
