Profits at China's industrial firms extended a double-digit drop for the first eight months, but the pace of declines eased slightly as a flurry of policy support steps has started to stabilise parts of the stuttering economy.
The 11.7% year-on-year fall in profits narrowed from a 15.5% contraction for the first seven months, in line with expectations and potentially suggests a modest recovery is starting to take root for some businesses.
That was backed up by August earnings posting a surprise surge of 17.2% from a year earlier, data from the National Bureau of Statistics showed on Wednesday. Profits were down 6.7% in July. As Beijing steps up policy support for its faltering economy after a brief post-COVID recovery, recent data have shown signs of stabilisation with stronger-than-expected bank lending, industrial output and retail sales growth for August.
Still, persistent weakness in the crisis-hit property sector that accounts for one-fourth of the world's second largest economy remains a drag on growth.
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