Photo by Gao Zhang (Xinhua/Sipa/Scanpix).
official data published today show that the growth rate of China’s industry is lagging, which raises doubts about the strength of the recovery of the world’s second largest economy.
According to the data of the National Bureau of Statistics, the gross profit of Chinese industry in the first quarter, compared to the previous year, increased by 4.3% to 1.5 trillion. CNY (200 billion EUR).
Although the Bureau of Statistics does not break down the data every month, it was announced in the summer that in 2024 In the first two months, compared to 2023, the industry produced 10.2%.
Such a cooling of the industry worries analysts, who say it could have a big impact on the economy, which has been growing recently, beating expectations. Last week, China’s National Bureau of Statistics reported that China’s GDP grew by 5.3% in the first quarter of the year (January) compared to the same period last year. Analysts had expected 4.6% growth.
If the profit growth of industrial companies continues to slow, it may also affect the repair of the asset and liability structure of manufacturing companies and their desire to expand investments, Bruce Pang, chief economist and head of research in China at real estate services company JLL, told Reuters.
Analysts are worried about the insufficient domestic demand for oil, which, although the GDP was growing, was also shown by other economic indicators: a slight slowdown in trade and industrial production.
China’s industry profit data includes companies with an annual revenue of at least 20 million yuan from core activities. CNY (2.6 million EUR).
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