China's industrial profits plunge 27%, marking this year's steepest fall

Official says September's fall comes with insufficient demand and decline in prices

20241027 China port

A cargo ship and shipping containers seen at the port of Lianyungang in Jiangsu province, China on Oct. 17. (China Daily via Reuters)

BEIJING (Reuters) -- China's industrial profits plunged in September, recording the steepest monthly decline of the year, official data showed on Sunday, as policymakers ramp up stimulus to revitalise economic growth.

Profits in September fell 27.1% from a year earlier, following a 17.8% fall in August, while earnings slipped 3.5% in the first nine months versus a 0.5% rise in the January-August period, according to the National Bureau of Statistics (NBS).

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