China’s industrial profits fell at their fastest pace in more than a year last month, as Xi Jinping’s economic planners struggled to contain the fallout from industrial overcapacity and lacklustre consumer confidence.
Profits at industrial companies with annual revenues of more than Rmb20mn ($2.8mn) fell 13.1 per cent in November compared with a year earlier, data from the National Bureau of Statistics showed on Saturday, down from a 5.5 per cent decline in October.
The November slump brought profit growth for the year to date down to 0.1 per cent above the same period in 2024, down from 1.9 per cent growth in the January-to-October period.
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