Industrial Companies in China Show Signs of Profit Recovery

Forex - Profits of China's industrial companies showed signs of improvement in October, with the year-on-year decline narrowing. According to data from the National Bureau of Statistics, industrial profits, which fell by 27.1% in September, decreased by only 10.0% in October compared to the previous year. Yu Weining from the National Bureau of Statistics mentioned that the steady increase in production and improved profits in industrial companies have been attributed to a series of recently implemented support measures. China has adopted various stimulus measures, including lowering interest rates and injecting liquidity into the financial system, to boost economic growth and support market confidence. State statistician Yu said that the recovery of domestic consumption and the continued strengthening of industrial goods exports have led to increased profits in the raw materials and consumer goods manufacturing sectors. In the first ten months of 2024, China's industrial profits fell by 4.3% year-on-year, a larger decrease compared to the 3.5% drop recorded in the January-September period. The statistics bureau noted that the profit data only includes comparable figures from a year ago and that some businesses were excluded from the survey due to a decline in their operations.