China's December industrial profits grow at slowest pace since April 2020

[geemong]

China's December industrial profits grow at slowest pace since April 2020

Profits at China's industrial firms grew at a slower pace in December, the statistics bureau said on Thursday, as factory-gate inflation continued to ease, pointing to cooling demand amid mounting economic challenges.

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Profits rose 4.2 per cent year-on-year, the slowest rate since April 2020, to 734.2 billion yuan (US$115.89 billion), compared with a 9 per cent gain in November.

For 2021, industrial firms' profits rose by a whopping 34.3 per cent year-on-year to 8.7 trillion yuan, the National Bureau of Statistics said.

"In 2021, the profits of industrial enterprises achieved relatively fast growth, with corporate efficiency steadily improving," Zhu Hong, a senior NBS statistician, said in a statement.

"However, we must acknowledge that growth rates dropped significantly in November and December and that downstream firms, especially small firms, still face relatively big operational pressures and that the number of loss-making firms is still high," Zhu said.

China's red-hot factory-gate inflation cooled for the second straight month in December, driven by a government crackdown on runaway commodity prices as Beijing scrambled to lessen the crippling economic effects of surging costs.

To stabilise a faltering economy, the People's Bank of China has rolled out a slew of monetary policies in past weeks. It unexpectedly cut the borrowing costs of its medium-term loans for the first time since April 2020, and lower the benchmark lending rates.