• Investing
  • Stock
  • Editor’s Pick
  • Economy
The Significant Deals
Editor's Pick

China industrial profits plunge in September, extending slump

by October 27, 2024
written by October 27, 2024

BEIJING (Reuters) – China’s industrial profits plunged in September, extending their declines with the year’s steepest monthly fall, official data showed on Sunday, as policymakers ramp up stimulus to revitalise economic growth.

Profits fell 27.1% in September from a year earlier, following a 17.8% fall in August, while earnings fell 3.5% in the first nine months versus a 0.5% rise in the January-August period, according to the National Bureau of Statistics (NBS).

China’s economy grew at the slowest pace since early 2023 in the third quarter, with the crisis-hit property sector showing few signs of steadying as Beijing races to revitalise growth.

Recent data also pointed to increased deflationary pressures, softer export growth and subdued loan demand, raising red flags over the economic recovery and strengthening the case for fiscal stimulus to galvanise growth.

Highlighting the business impact of price cuts and weak demand, profit at China’s auto industry tumbled 21.4% year-on-year to 30.5 billion yuan in August, data from the China Passenger Car Association showed.

China’s finance minister has vowed more fiscal stimulus to revive the faltering economy, without giving a dollar figure for the package, following the central bank’s announcement late last month of the most aggressive monetary support measures since the pandemic.

State-owned firms recorded a 6.5% drop in profits in January-September, foreign firms saw earnings up 1.5%, while private-sector companies netted a 0.6% decline, per a breakdown of NBS data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.8 million) from their main operations.

($1 = 7.0746 Chinese yuan renminbi)

This post appeared first on investing.com
0 comment
0
FacebookTwitterPinterestEmail

previous post
Google to develop AI that takes over computers, The Information reports
next post
China vows ‘countermeasures’ after $2 billion US arms sale to Taiwan

You may also like

China central bank conducts 1.7 trln yuan of...

January 27, 2025

Fuji Media, rocked by sexual misconduct allegations, says...

January 27, 2025

ECB president fears loss of central bank independence

January 27, 2025

European tech shares tumble as China’s AI push...

January 27, 2025

Futures slip as investors eye China’s latest AI...

January 27, 2025

Markets may be repeating the mistake of 2019,...

January 27, 2025

How billionaire Caltagirone could influence Italy’s banking M&A...

January 27, 2025

How Italy’s MPS went from near collapse to...

January 27, 2025

Analysis-To weather Trump, emerging market investors look to...

January 27, 2025

Chinese AI startup DeepSeek overtakes ChatGPT on Apple...

January 27, 2025
Fill Out & Get More Relevant News








    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Recent Posts

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks

      June 26, 2025
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

      June 26, 2025
    • Bumble shares jump 26% as dating company plans to axe 30% of workforce

      June 26, 2025
    • Small-business AI use is lagging, but one firm is channeling Sherlock Holmes and knocking out ‘grunt work’

      June 25, 2025

    Categories

    • Economy (245)
    • Editor's Pick (3,646)
    • Investing (534)
    • Stock (6,426)

    Latest News

    • Divided Fed proposes rule to ease capital requirements for big Wall Street banks
    • Women’s Tennis Association extends media rights deal with Tennis Channel through 2032

    Popular News

    • Eli Lilly’s Alzheimer’s treatment approved in China
    • Meta announces end of its DEI programs. Read the memo.

    About The Significant deals

    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 thesignificantdeals.com | All Rights Reserved

    The Significant Deals
    • Investing
    • Stock
    • Editor’s Pick
    • Economy