HomeInternational NewsChina's industrial profits fell 2.3% in 2023

China’s industrial profits fell 2.3% in 2023

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China's Industrial Profits Fell 2.3% In 2023 | BusinessToday
  1. China’s industrial profits faced a second consecutive annual decline in 2023, falling by 2.3%, primarily due to sluggish demand and overcapacity.
  2. The decline was driven by significantly lower factory-gate prices, reflecting deflationary risks and a property slump in the country.
  3. Despite the annual decrease, industrial profits showed signs of improvement in December, rising by 16.8% compared to the same period in the previous year.
  4. Certain sectors, including railway, ship, and aerospace transport equipment, experienced profit growth in 2023, supported by increased shipbuilding orders, while the automobile industry saw a 5.9% profit increase.
  5. China’s central bank announced a 50-basis point cut to bank reserves to support the economy, signaling the need for additional stimulus amid challenges such as a prolonged housing downturn and slowing global growth.
SourceReuters

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