Posted BY: | NwoReport

On May 27, the National Bureau of Statistics of China released another set of data that startled observers: the profits of industrial enterprises above a designated size nationwide fell by 20.6% from January to April 2023. Moreover, regardless of state-owned enterprises, foreign and Hong Kong, Macao and Taiwan invested enterprises, or private enterprises, profits all fell sharply, with declines exceeding 16%. Among them, private enterprises, which contribute to 90% of new employment, experienced the highest drop in profit, reaching 22.5%.

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In addition, the youth unemployment rate reached a historical high of 20.4% in April. Although data for May has not been released, judging from the economic situation in May, the unemployment rate is expected to be even worse than in April. The fixed-asset investment includes both government and private investments. In April 2023, private fixed-asset investment was 2.1 trillion yuan, compared to 3.04 trillion yuan in the same period last year, a decrease of a staggering 30.9%. The significant drop in private investment mainly stems from a lack of confidence in the future among entrepreneurs.