Beijing | Chinese corporate profits are set to show a third consecutive year of declines in 2024, with the trend expected to continue into this year as deflationary pressures weigh on the world’s second-largest economy.

Corporate profits in China for companies with more than 20 million yuan ($4.4 million) in revenue declined by an average of 4.7 per cent year-on-year between January and November, according to the latest data from the National Bureau of Statistics. This is greater than the 4 per cent decline seen during all of 2022 when the country was under pandemic lockdowns.

Financial Times