Chinese industrial profits slumped by a record 8 per cent last month, as Beijing’s targeted stimulus efforts failed to arrest a slowdown in the key driver of China’s economy.
The fall in profits in December highlights the challenges facing an industrial sector racked by overcapacity and falling prices, adding to pressure on authorities to loosen monetary policy and boost infrastructure spending to cushion the slowdown.
The 8 per cent year-on-year drop in profits last month compares with 4.2 per cent in November and is the biggest since the current data series began in late 2011, figures released on Tuesday showed.
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