China’s industrial revenues drop 8.4 percent in November, continuing downward trend

12/28/2024 2:06:59 PM

(MENAFN) China's industrial companies saw an 8.4 percent year-on-year decline in profits in November, extending the downward trend observed over the past three months.

According to a statement from the National Bureau of Statistics (NBS), the total profit of industrial enterprises with annual revenues exceeding 20 million yuan (around USD2.74 million) reached 6.67 trillion yuan (approximately USD913 billion) in the January-November period of 2024.

For the first 11 months of the year, total profits fell by 4.7 percent compared to the same period in 2023, adding to the 4.3 percent decline in the previous 10 months.

State-owned enterprises saw their profits drop by 8.4 percent, while private sector companies experienced a smaller decrease of 1 percent.

Industrial profits fell by 17.8 percent in August, 27.1 percent in September, and 10 percent in October.

The ongoing decline in profitability highlights persistent issues such as weak domestic demand, deflation, and the struggles in the real estate sector, which continue to hinder economic growth in China, the world's largest industrial producer.

Despite stimulus measures introduced by the government and other economic institutions since late September, their effects have yet to be felt in the broader economy.

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