Chinese industrial firms posted a decline in profits for the fifth straight month in September, according to official data, as weaker demand pulled down sales of raw materials and manufactured goods.
Other data released last week showed that September’s factory output growth was the weakest in two and half years.
Industrial profits grew 4.1% in September compared with a year earlier to total RMB 545.5 billion ($78.57 billion), the National Bureau of Statistics announced during the weekend. This is less than half the growth rate seen in August.
The downwards trajectory of recent months has cut industrial profit growth to 14.7% year-on-year for the first nine months of the year from 16.2% up to August.
Cooling production and sales, stunted price growth and a high base were the main causes of the decline, said NBS spokeswoman He Ping.