Profits at China's industrial firms extended gains for a third month in October, albeit at a slower pace, suggesting more policy support from Beijing is needed to help shore up growth in the world's second-largest economy.
The 2.7 per cent year-on-year rise sees profit growth narrow back to single digits, following an 11.9 per cent increase in September and a 17.2 per cent gain in August, putting pressure on the authorities to extend further assistance to manufacturers as soft global demand continues to dog policymakers heading into 2024.
For the first 10 months of 2023, profits slid 7.8 per cent from a year earlier, narrowing from a 9 per cent decline in the first nine months, data from the National Bureau of Statistics (NBS) showed on Nov 27.
China's economy has struggled to mount a strong post-Covid-19 recovery as distress in the housing market, local government debt risks, slow global growth and geopolitical tensions dented momentum.
A flurry of policy support measures has had only modest effect, raising pressure on the authorities to roll out more stimulus.
Bu hikaye The Straits Times dergisinin November 28, 2023 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin November 28, 2023 sayısından alınmıştır.
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