China Industrial Profit Growth Slumps to 7-Month Low of 11.2%
China's industrial profit growth slowed to 11.2% in July, the weakest pace this year, with cumulative growth easing to 17.6% from 18.7% in the first half.
China's industrial profit growth slowed to an 11.2% annual pace in July, the weakest monthly gain so far this year, according to National Bureau of Statistics data released Thursday. The survey covers firms with annual revenue above 20 million yuan, or about $2.9 million.
Cumulative profits for the first seven months rose 17.6% from a year earlier, a deceleration from the 18.7% growth rate recorded in the first half. The cooling follows a sharp turnaround in profitability this year after annual declines in each year since 2021. The recovery was driven largely by a global artificial intelligence boom that boosted demand for computing hardware and electronics manufacturing equipment, sectors where Chinese producers gained market share.
The NBS releases the next monthly profit print by Sept. 27.
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