China Industrial Profits Growth Slows in October as Economy Remains Under Pressure
• Industrial profits in China rose 2.7% in October year-over-year, slowing from 11.9% growth in September
• Profits fell 7.8% in the first 10 months of 2023 compared to the same period last year
• Weak domestic demand and commodity price pressures weighed on profit growth
• Other economic indicators were mixed in October with consumer spending picking up but property investment contracting
• Policymakers are drafting plans to provide financial support to distressed property developers, signaling a pivot to help the sector