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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 decline.
Industrial profits rose 15.5% last month, after rising 28.2% in October, data from the National Statistics Office showed on Sunday. During the first 11 months of 2020, there was a 2.4% increase over the previous year.
The easing in November was due to the higher base compared to October, the NBS said in a statement. He said there is an effective market stimulus and a stable improvement in both supply and demand.
“It is worth noting that accounts receivable from companies and inventories of finished products continue to rise,” Zhu Hong, a government economist, said in the statement. “Looking ahead, we still have to focus on structural reform on the supply side and management on the demand side.”
– With the help of James Mayger, Lin Zhu and Chunying Zhang
