Factory profits in China have retreated from a two-year high, according to official data, highlighting concerns that industrial overcapacity is complicating Beijing’s efforts to revive momentum in the world’s second-biggest economy.
Industrial profits at large Chinese companies declined 3.5 per cent in March from a year earlier, the National Bureau of Statistics reported on Saturday. Across the first quarter, industrial profits rose 4.3 per cent compared with the same period in 2023.
The March reading was a blow to Beijing after industrial profits in the January-February period jumped 10 per cent to hit a 25-month high, raising hopes that the downturn in the industrial sector was bottoming out.
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