China Industrial Profits Fall for Second Straight Year, But December Sees Uptick
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China's industrial profits fell 2.3% in 2023, marking the second straight annual decline due to weak demand.
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The drop follows a 4.4% profit fall in the first 11 months of 2022.
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For December 2023 alone, industrial profits rose 16.8% from a year earlier.
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Profits fell 4% overall in 2022 due to strict COVID-19 controls.
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Analysts forecast China's GDP growth target to remain at 5% in 2023 and expect further economic stimulus.