World Economy

China Industrial Profits Down

China Industrial Profits DownChina Industrial Profits Down

Sluggish market demand, rising labor costs and falling product prices have dragged profits of Chinese industrial businesses to a low of 2.1% year on year, Asia First reported Sunday. The National Bureau of Statistics said industrial profits in October hit Rmb575.47b ($94.34b). Eight of the 41 sectors surveyed saw profit drops during the first 10 months of the year while 33 posted year on year profit increase. The largest profit decline was recorded by the coal mining sector, which reported 45.2% fall. Private companies reported stable profit growth at 8.7% for the first ten months of the year while overseas investment funded firms posted the strongest growth in profits, increasing 12.6% year on year.