Despite a slowdown in the rate of decline, China's industrial profits are projected to suffer their steepest drop in over two decades due to persistent weak domestic demand.
BEIJING — China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.
The world's second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming US administration of President-elect Donald Trump.Industrial profits fell 7.3 percent in November from the same month last year, following a 10-percent drop in October, National Bureau of Statistics (NBS) data showed.The narrower decline in November pointed to improved profits as recent economic stimulus measures started to have an effect, said Zhou Maohua, a macroeconomic researcher at China Everbright Bank.The profit numbers were also in line with a slower decline in factory-gate prices in November. The producer price index fell 2.5 percent year on year versus the 2.9-percent drop in October.The World Bank on Thursday revised up its 2024 economic growth forecast for China slightly to 4.9 percent from its June forecast of 4.8 percent.Still, in the first 11 months of 2024, industrial profits declined 4.7 percent, deepening a 4.3-percent slide in the January-October period, reflecting still tepid private demand in the Chinese economy.China's full-year industrial profits are set to show their biggest drop in percentage terms since 2011. However, when smaller companies are included under a previous compilation methodology, this year's profit decline is expected to be the worst since at least 2000.A spate of economic indicators released this month pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 month
CHINA INDUSTRIAL PROFITS ECONOMIC SLOWDOWN DOMESTIC CONSUMPTION TRADE RISKS
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