MNI BRIEF: China Profits Fall In October Y/Y
MNI (BEIJING) - Corporate profits in China fell 10.0% y/y in October, narrowing from the 27.1% drop in September, National Bureau of Statistics data showed on Wednesday.
The results showed the corporate profit decline was narrowing with firms in equipment and high-tech manufacturing supporting the recovery, said Yu Weining, statistician at the NBS, in a note.
From January to October, operating income of industrial enterprises went up 1.9% y/y, with corporate profits down 4.3% y/y, Yu said.
Beijing will need to provide the housing market with additional policy measures to ensure the recent recovery's sustainability, including a further CNY2 trillion to support the government’s urban village renewal scheme and the purchase of unsold homes and idle land, advisors and analysts told MNI. (See MNI: China’s Property Measures Face CNY2 Trln Funding Gap)