China’s industrial profits fall 3.3% in 2024

BEIJING (Reuters) – Profits at China’s industrial firms fell 3.3% in 2024 from the previous year, official data showed on Monday.

The fall extended a 4.7% drop in the January-November period, and compares with a 2.3% decline for the entire 2023, according to National Bureau of Statistics data.

Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.74 million) from their main operations.

($1 = 7.3125 Chinese yuan)