China's Industrial Profits Drop 7.3% in November

China's industrial profits fell 7.3% in November year-on-year, marking the fourth consecutive month of decline but at a slower pace than the 10% drop reported in October. The National Bureau of Statistics highlighted that the overall decline for the first 11 months of 2024 reached 4.7%, with state-owned firms experiencing an 8.4% profit reduction. Economic indicators show mixed results with industrial output rising in November and new home prices declining at their slowest rate in 17 months. Policymakers are responding by increasing the fiscal deficit, issuing $411 billion in special treasury bonds, and loosening monetary policy to stimulate growth. Despite these measures, challenges remain from weak consumer demand and a struggling property market, leading the World Bank to slightly revise its growth forecast for China to 4.9% in 2024. The situation underscores the ongoing struggle for a robust post-pandemic recovery amid evolving trade risks.