On November 27, 2024, the National Bureau of Statistics reported that industrial profits for large Chinese firms decreased by 10% year-on-year in October, marking the third consecutive month of decline. This follows a significant 27.1% drop in September.
The decline is attributed to worsening producer price deflation and sluggish factory output, which have overshadowed the effects of recent government stimulus measures aimed at revitalizing the economy. Bloomberg Economics had anticipated a year-on-year decrease of around 20%.