China’s industrial profits just cratered 9.1% in May. Mining down 29%. Auto profits off 11.9%. State firms bleeding. Stimulus failing.
China’s industrial profits dropped 9.1% in May 2025 compared to the same month last year. That is the sharpest monthly decline since October. The fall is not isolated. It is part of a broader contraction that has now stretched across multiple sectors and quarters. Beijing’s stimulus efforts are not catching. …