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China’s industrial profits surge 21.6% in September, biggest jump in nearly two years

China's major industrial firms posted a 21.6% profit rise in September, the fastest increase in nearly two years following a 20.4% gain in August, the National Bureau of Statistics said Monday.
Beijing's push to limit price wars helped Chinese manufacturers amid persistent producer price deflation, as factory-gate prices remained under strain in recent months.
Across enterprise types, profits rose 3.2%, led by high-tech and equipment manufacturing sectors, with private firms up 5.1 and foreign firms 4.9, according to the National Bureau of Statistics.
Officials said the gains offer fresh optimism as the two-month rise in industrial profits reduces urgency for larger stimulus, even as the ruling Communist Party communique on Oct 23 pledged to stabilise markets and local governments announced one trillion yuan support.
Despite the gains, Nomura economists cautioned that the profit surge was partly low-base, and Louise Loo said, 'These suggest that while policymakers recognise weak household sentiment and a savings overhang, they don't envision large-scale consumption stimulus over the next five years,' Loo added.

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