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China Industrial Profits Fall In April

China's industrial profits declined in April as lockdowns disrupted production and higher raw material prices squeezed margins, data from the National Bureau of Statistics showed on Friday.

In April, industrial profits decreased 8.5 percent from the previous year. This was the biggest fall since early 2020.

During January to April, industrial profits expanded 3.5 percent, slower than the 8.5 percent increase posted in the first quarter.

Data released earlier this month showed that industrial production decreased 2.9 percent annually in April. The extended lockdown in Shanghai weighed heavily on manufacturing activity and exports.

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