China industrial profits in September soar the most since 2023

Profits at Chinese industrial enterprises increased the most in nearly two years, as production revved up while declines in factory-gate prices eased amid a government campaign to rein in excess capacity.

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Industrial profits gained for the second straight month in September and rose 21.6 per cent from a year earlier, their biggest gain since November 2023. That was far better than a Bloomberg Economics forecast for a 3.9 per cent gain and followed a 20.4 per cent jump in August.

For the first nine months of 2025, profits were up 3.2 per cent, according to data released on Oct 27 by the National Bureau of Statistics (NBS).

Faster expansion in output is propping up earnings of Chinese factories and mines, as foreign demand remained robust despite US tariffs. Price declines also slowed in recent months, with the government acting to curb overcapacity and cutthroat competition.