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China industrial profits post strongest growth in three months, rising 14.4%
Profits at large industrial firms rose 14.4% last month as AI-related manufacturing and higher commodity prices lifted miners and chipmakers, official data showed.
- On Tuesday, official data showed profits at large industrial firms in China rose 14.4% last month, marking the strongest monthly pace since June as AI-linked manufacturing offset weak domestic demand.
- The global AI boom and higher commodity prices stemming from the war in Iran lifted earnings at miners and chipmakers this year, while high-tech sectors outperformed consumer-related industries.
- High-Tech electronics manufacturing profits soared 103.8% in the first nine months, while the furniture sector posted a 51.3% decline, contributing to a 15.5% overall rise in industrial profits year to date.
- "China's export strength isn't able to fully offset its domestic weakness," senior economist at Oxford Economics Shena Yue said, citing retail sales that grew only 1.1% in September.
- Beijing has held back from major new stimulus due to mounting concerns over local government debt and fading trade-in subsidies, leaving the economy vulnerable despite the third quarter's 4.5% expansion.
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China's industrial profits rise 14.4% in September, best result since June, according to CNBC; in the year, accumulated high of 15.5%
Coverage Details
Total News Sources8
Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
L 20%
C 80%
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