Key Points
BEIJING: Profits at China's industrial firms extended gains for a third month in October, adding to signs of a stabilising economy following a run of mostly upbeat data suggesting Beijing's support measures have helped bolster a tentative comeback...
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. (NBS) showed on Monday.. The world's second-largest economy has struggled to mount a strong post-Covid recovery as distress in the housing market, local government debt risks, slow global growth and geopolitical tensions dented momentum...
"Transforming the economic growth mode is more important than pursuing a high growth rate," China's central bank governor said in a speech this month, suggesting an urgent need for longer-term structural reforms as investment-led growth loses steam...
State-owned firms posted a 9.9 per cent decline in earnings in the first 10 months, foreign firms recorded a 10.2 per cent slide and private-sector companies saw profits down 1.9 per cent, according to a breakdown of the NBS data.. data covers firms with annual revenues of at least 20 million yuan (USD 2.74 million) from their main operations..
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