Key facts
- Industrial profits rose 14.4% year-on-year in September.
- Profits were up 15.5% in the first nine months of the year.
- Computer, communication, and electronic equipment manufacturing profits soared 103.8% in the first nine months.
- Furniture manufacturing sector profits declined 51.3% in the first nine months.
China's industrial profits accelerated in September, growing 14.4% year-on-year, a significant increase from the 4.2% rise in August, according to data from the National Bureau of Statistics. For the first nine months of the year, profits were up 15.5%. However, the economic recovery remains unbalanced, with a pronounced sectoral divide. While the computer, communication, and other electronic equipment manufacturing sector saw profits soar by 103.8% in the first nine months, the furniture manufacturing sector experienced a 51.3% decline. This unevenness is also visible at the company level, with CATL, the world's largest EV battery maker, reporting a sharp slowdown in net profit due to intense competition and a downturn in China's auto sales.