China’s industrial profits declined at a faster pace in September as producer prices continued to fall, data from the National Bureau of Statistics showed over the weekend.
Industrial profits decreased 5.3 percent year-on-year, after easing 2 percent in August. During January to September, profits earned by industrial firms declined 2.1 percent compared to a 1.7 percent drop in January to August period.
Profits of state owned enterprises fell 9.6 percent on year and that of private enterprises increased 5.4 percent.
The bureau said the larger decline in profits reflects faster fall in industrial product prices and slower rise in sales.
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