China's industrial profits down 3.4% in first 10 months
China's industrial profit in 22 provinces and regions across the country declined 3.4 percent year on year in the first 10 months, but the rate of decline was slowing, figures show.
A statement posted on the website of the National Bureau of Statistics (NBS) Monday said industrial profits reached 1.79 trillion yuan (261.6 billion U.S. dollars), but the rate of decline was 5.7 percentage points lower than that for the first nine months.
Main business revenue in the 22 provinces and regions was 32.48trillion yuan for the same period, up 5 percent year on year, and 1.6 percentage points higher than in the first nine months.
From January to October, industrial profits were up for manufacturers of rubber products by 61 percent, chemical fibres by143.8 percent, and transport equipment by 33.7 percent.
Manufacturing profits also rose 28.4 percent in the food sector,19.1 percent in pharmaceuticals, and 24.2 percent in plastics.
Meanwhile, profits were down for oil production by 65.5 percent, steel making by 53.7 percent, and electronics by 23.9 percent.
The 22 regions and provinces excluded Beijing, Inner Mongolia, Chongqing, Tibet, Yunnan, and the southern provinces of Hunan, Guangdong, Anhui and Hainan.