Industrial profits recover in China

Profits at China's industrial companies rose for the first time in more than a year in August. Industrial profits rose 17.2 percent from a year earlier, according to data released by the National Bureau of Statistics (NBS) on Wednesday. The increase in August was the first monthly growth since the second half of last year, NBS analyst Yu Weining said. Profits fell 11.7 percent from a year earlier in the first eight months of 2023. The rise in profits suggests demand could improve after the government stepped up measures to support the property market and encourage consumer spending in recent months. Industrial output rebounded in August, while producer price deflation eased, boosting profits. "With the steady recovery in industrial output and the improvement in the link between output and sales, industrial firms' revenues have gradually increased," Yu from the NBS said.