China’s industrial profits fell in November, but at a slower pace than in October, official data showed on Friday, after policymakers pledged stronger support to prop up the country’s economic recovery.
The world’s second-largest economy has been struggling to mount a strong post-pandemic revival, as business and household appetites for spending and investment remain subdued amid a prolonged housing downturn and fresh trade risks from the incoming administration of US president-elect Donald Trump.
Industrial profits fell 7.3 per cent year on year in November following a 10 per cent drop in October, while a 4.7 per cent decline in the first 11 months of the year extended a 4.3 per cent slide from January to October, National Bureau of Statistics (NBS) data showed.
Economic indicators released this month have pointed to mixed results, with industrial output accelerating in November while new home prices fell at the slowest pace in 17 months.
China’s leaders vowed at a key policy meeting this month to raise the deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate. The government also recently pledged to step up direct fiscal support to consumers and boost social security.
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