China's industrial profits fell for the fourth consecutive month in November, dropping 7.3% year-on-year. This signals that Beijing's efforts to stimulate the economy have yet to significantly reverse the downward trend in corporate earnings.
China's industrial profits extended their decline to a fourth straight month, dropping 7.3% in November from a year earlier. This earnings report shows how business balance sheets are faring in the wake of Beijing's efforts to stimulate the economy.
Although there is 'no surprise' regarding the persistently lower profits faced by industrial companies, particularly in China's disinflationary environment, experts believe 'the worst is over' for the Chinese economy given the recent stimulus measures. Industrial profits are a key indicator of the financial health of factories, utilities, and mines in China. The earnings reflect the impact of Beijing's initiatives aimed at boosting the economy. Between January and November, China's industrial profits fell 4.7% from the same period last year, compared to a 4.3% drop year-on-year in the first 10 months of 2023. Industrial firms with foreign investments, including those from Hong Kong, Macao, and Taiwan, saw profits dip by 0.8% from January to November compared to a year ago. The mining industry's profits slumped 13.2% year on year in the first 11 months of the year, while manufacturing profits dropped 4.6%. Conversely, the utilities industry — electricity, heat, gas, and water supply — saw a 10.9% year-on-year increase in profits between January and November
CHINA ECONOMY INDUSTRIAL PROFITS STIMULUS MEASURES DISINFLATION
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