3rd December 2025: January-October Industrial Profits

Описание: This episode contains segments on:





• China’s industrial profits January-October;
• China’s November Purchasing Managers Index (PMI);
• French President Emmanuel Macron to visit China;
• European Chamber Flash Survey on China’s Export Controls;





Listeners are also invited to attend the European Chamber Annual Conference 2025: Gearing Up for the 15th Five-year Plan on 11th December in Beijing.










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Read more:






Industrial Profits January – October 






https://www.stats.gov.cn/sj/zxfb/2025...






 November 2025 Purchasing Managers Index (PMI)






https://www.stats.gov.cn/sj/zxfbhjd/2...






 Macron to visit China 






https://english.www.gov.cn/news/20251...






European Chamber Flash Survey on China’s Export Controls






https://www.europeanchamber.com.cn/en...






European Chamber Annual Conference 2025: Gearing Up for the 15th Five-year Plan






https://www.europeanchamber.com.cn/en...






Transcript:






RUI: Hello and welcome to China ShortCuts,






ROBBIE: the European Chamber’s weekly catch-up on China’s business landscape.






RUI: This episode was recorded on 3rd December 2025.






(Music)






ROBBIE: China’s October industrial profits declined by 5.5 per cent year-on-year, the largest drop since June, according to data released by the National Bureau of Statistics on 27th November.






RUI: The dip dragged down overall growth for the January through October period to 1.9 per cent year-on-year, a deceleration compared to 3.2 per cent growth for the January through September period. The low headline figure continues to reflect falling profits in the mining sector, which saw a 27.8 per cent decline for the period. Manufacturing profits, which made up 75 per cent of total industrial profits for the first 10 months of the year, saw a 7.7 per cent year-on-year increase while utilities profits saw growth of 9.5 per cent.






The rise in industrial profits for the January to October period likely contributed to a slowdown in producer price deflation. China’s producer price index—or PPI—fell for the 37th consecutive month in October, but the pace of decline—2.1 per cent year on year—was the slowest since August 2024.






(Music)






ROBBIE: China’s manufacturing activity continued to contract in November according to the official Purchasing Managers Index—or PMI—released by the National Bureau of Statistics on 30th November.






RUI: The manufacturing PMI increased slightly by 0.2 percentage points to 49.2, remaining below the critical threshold of 50 which divides contraction from expansion. The increase was mainly driven by outlook improvements from small and medium-sized enterprises, while the outlook for large enterprises continued to deteriorate, falling 0.6 percentage points from October.






The non-manufacturing business index declined by 0.6 percentage points to 49.5, dipping below the expansion threshold for the first time since December 2022. The Statistics Bureau attributed the contraction to the real estate and residential services sectors, noting that other major service sectors saw an expansion.






(Music)






ROBBIE: French President Emmanuel Macron will arrive in China for a three-day state visit on 3rd December, according to an announcement by China’s Ministry of Foreign Affairs on Monday 1st December.






RUI: In the face of EU-China relations increasingly strained by trade tensions, Macron is expected to focus on achieving a more balanced and mutually beneficial trade relationship, with other top agenda points including innovation policy and how to stimulate Chinese domestic consumption. A statement announcing the visit posted by China’s State Council noted that closer cooperation with France will contribute to “promoting the healthy and stable development of China-EU relations.”






(Music)






ROBBIE: On 1st December the European Chamber released data from its flash survey on China’s export controls, finding that one in three respondents are looking to divert sourcing away from China to mitigate the controls’ impact.






RUI: “China’s export controls have increased the uncertainty felt by European businesses” and have elicited “strong responses from China’s trading partners,” according to Jens Eskelund, president of the European Chamber. The survey showed that, out of those impacted by China’s export controls, 43 per cent have not y...