China’s industrial profit decline narrows

Beijing, Oct 27 (IANS) Profits of China’s major industrial firms fell 0.1 percent year-on-year in September, narrowing from 8.8-percent decline posted in August, authorities said on Tuesday.

According to the National Bureau of Statistics, profits at industrial companies with annual revenues of more than 20 million yuan (about $3.1 million) totaled 535.8 billion yuan in September, reported Xinhua.

Industrial profits of these firms in the first nine months dropped 1.7 percent year-on-year to around 4.3 trillion yuan, the NBS said. The decline narrowed from the 1.9-percent decrease registered in the January-August period.

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