China's industrial profits see slower growth in Jan-Aug

Profits for major industrial firms in China increased by 0.5 per cent year on year during the January-August period, a notable slowdown from the 3.6 per cent rise observed in the first seven months of 2024, according to the National Bureau of Statistics.

This deceleration is primarily attributed to insufficient effective market demand and adverse weather conditions, including high temperatures, heavy rains, and floods affecting various regions of China. A high base figure from the previous year has contributed to the moderated growth.

Despite these hurdles, the trend of industrial profit growth remains intact. New growth drivers, particularly in high-tech manufacturing, have maintained a relatively fast growth pace, while the high-quality development of the industrial economy continues to progress steadily.

ALCHEMPro News Desk (HU)