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China's industrial profits fell 34.9% year-on-year in March to 370.66 billion yuan ($52.43 billion), the National Bureau of Statistics said on Monday.
By contrast, the decline from January to February was 38.3%, the biggest since 2010.
From January to March, the profit of industrial enterprises was 781.45 billion yuan, down 36.7% year on year.
At the end of March, industrial companies' liabilities increased by 5.4% year-on-year, while at the end of February, they increased by 5.3%.
Industrial profit data covers large enterprises with annual main business income of more than 20 million yuan.
The drop in profits reflects continued pressure on China's manufacturing sector, hit hard by a slowdown in global demand caused by the coronavirus pandemic and the first contraction of China's economy in nearly 30 years in the first quarter.
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