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Profits at Chinese industrial companies posted their biggest decline this year in September, as policymakers struggle to restore confidence in the world's second-largest economy.
Profits at large industrial companies fell 27.1 percent in September year-on-year, following a 17.8 percent decline in August. The indicator, published by the National Bureau of Statistics, tracks companies with revenue above RMB 20 million ($2.8 million).
The figures come amid growing pressure on Beijing to support the economy after a series of disappointing data that highlighted the effects of a multi-year real estate slowdown and weaker consumer demand.
Policymakers unveiled a series of measures in late September aimed at boosting confidence and supporting stock and property markets, even as analysts called for further fiscal stimulus to restore momentum.
The standing committee of China's National People's Congress will meet from November 4 to 8, an event that will be closely watched for any updates on the government's spending plans.
Beijing has set a target of around 5 percent GDP growth this year, its lowest target in decades. GDP grew 4.6 percent in the third quarter year-on-year, according to figures released this month.
Consumer prices remain close to deflationary territory in China, having risen just 0.4 percent last month, while producer prices fell 2.8 percent. The producer price index, which tracks ex-factory prices and is strongly influenced by the price of raw materials, has been in negative territory for two years.
In an accompanying statement, the NBS said the decline in ex-factory prices had put significant pressure on companies' profits and revenues, and also cited insufficient demand.
Analysts at Goldman Sachs noted that profits in downstream industries, which are closer to the consumer, were essentially flat compared to pre-Covid levels.
Xi Jinping's government has strongly emphasized the need to modernize its manufacturing sector and production this year, in everything from clean energy to AI. The NBS said profits in high-tech industries have increased 6.3 percent so far this year, compared to the same period last year.
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