Profits at China's industrial firms grew at the fastest pace in eight month...
BEIJING - Profits at China’s industrial firms grew at the fastest pace in eight months in November, but broad weakness in domestic demand remains a risk for company earnings next year.
Industrial profits in November rose 5.4% from a year earlier to 593.9 billion yuan , snapping three months of decline, as production and sales quickened, data from the National Bureau of Statistics showed on Friday. That compared with a 9.9% drop in October. In November, profits at state-owned industrial firms rose 0.6% from a year earlier, reversing a declining trend since the second half this year, while private sector profits also posted a significant acceleration in growth.
“In our view, Beijing will likely continue to roll out moderate easing measures amid limited policy room.”The upbeat figures come amid patchy recoveries in industrial output against broad weakness in demand at home and abroad. Analysts said the deal could boost China’s export activity and corporate investment in the near term, but its economic outlook would continue to be challenged by lackluster global growth.
The vast industrial sector shed more than 25 million jobs from end-2013 to end-2018, mostly in labor intensive industries, according to the latest economic census, as labor costs rose amid the country’s economic transition.
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