PROFITS at China's industrial firms extended slower gains for a third month in October, suggesting more policy support from Beijing is needed to help shore up growth, reports Reuters.
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 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 nine per cent decline in the first nine months, data from the National Bureau of Statistics (NBS) showed.
China's 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.
SeaNews Turkey
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 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 nine per cent decline in the first nine months, data from the National Bureau of Statistics (NBS) showed.
China's 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.
SeaNews Turkey
