China's annual industrial profits fall for the first time since 2000

Industrial profits in China fell by 2.3% in 2015 following growth of 3.3% the previous year, marking the first annual decline since 2000, South China Morning Post reported, citing data from the National Bureau of Statistics. December industrial profits fell 4.7% from the same period last year, sharpening from a fall of 1.4% in November. Data from the bureau showed that 12 out of 41 industrial categories saw profits decline last year, including a 74.5% drop in oil and gas exploration, a 70% fall in the non-ferrous metal sector and a 65% decline in coal mining as chronic overcapacity and falling demand combined to produce heavy deflationary pressure.