China's November industrial profit growth slowest since April
|China’s National Bureau of Statistics (NBS) said on its website on Wednesday, the country’s profits for industrial firms rose at a sharply slower pace last month, in response to weaker demand and price pressures.
Key Points via Reuters:
Profits in November rose 14.9 percent to 785.8 billion yuan ($120.05 billion). It marked the slowest monthly growth rate since April’s 14.0 percent.
He Ping of the statistics bureau said in a statement: “Earnings were pressured in November by a slower pace of price rises compared to previous months. November’s 5.8 percent rise in producer prices, down from 6.9 percent in October, noting that it was the biggest month-to-month slowdown in factory inflation this year. More than half of the increase in profits in Jan-Nov came from coal mining and washing, iron and steel smelting and processing, chemicals, and oil and natural gas extraction.”
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