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China’s Industrial Profits Slowed to 10.1% in Aug. As Industries Gears up for Power Crisis

September 28, 2021 by Forex Winner Leave a Comment

China’s Industrial Profits Slowed to 10.1% in Aug. as Industries Gears up for Power Crisis

Source: National Bureau of Statistics of China

Profit growth at China’s industrial firms relaxed for a sixth month as factories struggled to overcome high commodity prices, COVID-19 outbreaks, and part shortages. CSI 300 Index up +0.13%, CNY USD up +0.01%

  • Industrial profits increased 10.1% year on year in August to 680.3 billion yuan ($105 billion) compared with a 16.4% gain in July.
  • The world’s second-biggest economy rapidly rebounded from a pandemic-related slump last year. Still, momentum has slowed down in recent months, with the manufacturing sector facing high costs and production bottlenecks, and electricity rationing.
  • Factory output jumped in August as its slowest rate since July 2020, weighed by domestic COVID-19 outbreaks, high raw material prices, and a consistent shortage of parts such as semiconductors.
  • A sustained regulatory clampdown this year on real estate speculation and new borrowing by real estate developers has also dampened the demand for construction-related goods and services.
  • Heightened commodity prices in recent months have led to deteriorated profitability of many medium-sized and downstream factories.
  • China is looking to auction more industrial metals from its strategic reserves next month to cool prices in a rare release of inventories. 

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