Industrial problems worsened in China

By Alimat Aliyeva

The problems of the Chinese industry have been getting worse since the beginning of autumn. This is evidenced by data from the National Bureau of Statistics, Azernews reports.

In September, the indicator immediately collapsed by 27.1 percent year-on-year, that is, by more than a quarter. The last time such figures were observed was during the acute phase of the crisis due to the COVID-19 pandemic, during which lockdowns were introduced in China.

In the first nine months of 2024, profits of state-owned companies fell 6.5 percent, while the drop in eight months was only 1.3 percent. The private sector slowed by 9.9 percent.

The situation is worst in the construction industry (minus 51 percent), coal mining (minus 21.9 percent), and equipment manufacturing (minus 7.2 percent). Profits increased in the production of non-ferrous metals (plus 52.5 percent), textiles (11.5 percent) and electrical equipment (7.1 percent).