Chinese corporate profits are set to show a third consecutive year of declines in 2024, with the trend expected to continue into this year as deflationary pressures weigh on the world’s second-largest economy.
Corporate profits in China for companies with more than Rmb20mn ($2.7mn) in revenue declined by an average of 4.7 per cent year on year between January and November, according to the latest data from the National Bureau of Statistics. This is greater than the 4 per cent decline seen during the whole of 2022 when the country was under pandemic lockdowns.
Revenue grew just 1.8 per cent year on year between January and November 2024 on the same period in 2023. This compares with 5.9 per cent growth in 2022 on the previous year.
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