Profits of Industrial Firms in China Declined at a Slower Pace in November

In November, the profits of industrial companies in China declined at a low rate, despite Beijing's efforts to stimulate domestic demand. According to the National Bureau of Statistics (NBS), the profits of industrial companies in November fell by 7.3% compared to the same period last year, showing an improvement from the 10.0% decrease in October. NBS statistician Yu Weining stated that, thanks to measures taken by the government to support growth, the revenues of surveyed industrial firms increased by 0.5% year-on-year, reversing the 0.2% decline in October. Yu also added that profits from the manufacturing of consumer goods rose in November, attributed to the rebound in domestic demand. In the first eleven months of the year, China's industrial profits decreased by 4.7% compared to the same period last year.