(Finance) – In the month of September, i industrial profits of China recorded an annual collapse of 27.1%, -17.8% in August, recording the fastest pace since the beginning of the Covid-19 pandemic, when in March 2020 they fell by 34.9%.
The data, released byNational Statistics Officereflects an uncertain economic recovery due to persistent weakness in demandthe risks of deflation and the real estate crisis.
In the January-September period, earnings of Chinese industrial companies fell 3.5% year-on-year to 5.228 billion yuan, reversing the trend from 0.4% growth seen in the previous period.
In detail, profits decreased both for state companies (-6.5% versus -1.3% between January and August) and in the private sector (-9.6% versus 2.6%).