China's textile industry profits fall by 14.1% from Jan-Aug 2022: NBS

29 Sep '22

1 min read

Pic: Shutterstock/ Frame China

China’s textile industry saw a decline of 14 per cent in its profits during the first eight months of 2022. Earnings of the equipment manufacturing industry of the country also dipped by 2 per cent year-on-year (YoY) during the period, which is 3.7 percentage points narrower than that for the January-July period, according to the National Bureau of Statistics (NBS).

Industrial firms making a minimum of 20 million yuan (around $2.83 million) on an annual basis reaped combined profits of up to 5.53 trillion yuan from January to August, 2022, which was a decrease of 2.1 per cent YoY, according to data from the NBS. In order to soften the blow of various economic challenges, China has introduced a set of efficient policies to enable economic recovery and re-establish growth.

The country’s State Council had earlier introduced a number of policies such as deferment of payment of government-levied charges, assistance for private businesses and the platform economy, and risk compensation funds for loans to small firms and self-employed people.

The country’s government also approved fee cuts and tax refunds to ease the pressure on businesses; its policy package is estimated to save about 2.5 trillion yuan for taxpayers in 2022.

Fibre2Fashion News Desk (NB)

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