Photographer: Qilai Shen / Bloomberg
Photographer: Qilai Shen / Bloomberg
Profits for Chinese industrial companies grew at a slower pace in November, as producer prices continued to fall.
Industrial profits increased 15.5% last month, after a 28.2% gain in October, data from the National Bureau of Statistics showed on Sunday. In the first 11 months of 2020, there was an increase of 2.4% over the previous year.
The easing in November was due to the higher base compared to October, NBS said in a statement. He said that there is an effective market stimulus and a steady improvement in both supply and demand.
“It is important to note that accounts receivable from companies and inventories of finished products are still increasing,” said Zhu Hong, a government economist, in the statement. “Going forward, we still need to focus on structural reform on the supply side and demand management.”
– With the help of James Mayger, Lin Zhu and Chunying Zhang