Chinese industrial profits rose in August for the first time in more than a year, a further sign the economy is stabilizing.
Industrial profits increased 17.2% from a year earlier, according to data published by the National Bureau of Statistics on Wednesday. The increase in August was the first monthly growth since the second half of last year, NBS analyst Yu Weining said in a statement.The rise in profits suggests demand may be improving after the government ramped up measures in recent months to prop up the property market and spur consumer spending.
August’s industrial profits data show that output prices improved that month, and rises in commodity prices increased the earnings of upstream sectors, said Zhaopeng Xing, senior China strategist at Australia & New Zealand Banking Group Ltd. “August’s jump in China’s industrial profits adds to signs manufacturing activity may be starting to bottom out. Favorable base effects boosted the figures, but the overall size of the increase suggests recent policy supports are gaining traction. Given the underlying weakness in domestic and external demand, it will take time before earnings rebound consistently — and more stimulus will be needed.”Manufacturers’ profits fell 13.7% in first eight months of the year, 4.
Separately, China’s central bank on Wednesday vowed to provide “more forceful support” for the economy. The authorities will focus on implementing monetary loosening measures already introduced and keeping liquidity “reasonably ample” and credit growth at a “rational and steady pace,” the People’s Bank of China said in a statement on its third quarter monetary policy meeting.
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