Fall in China's industrial profit slows to 10.6%

China’s industrial companies’ profits fell at a slower pace for the January-August period as China’s economic recovery increased amid government stimulus spending and massive lending in the first half, Bloomberg reported.  Net income fell 10.6% year-on-year in the first eight months of 2009 to US$244.61 billion, compared to 22.9% in the first five months of the year, according to figures released by the National Bureau of Statistics (NBS). January-August sales rose 1.6% year-on-year to US$4.75 trillion. The NBS data covers companies with annual sales of more than RMB5 million (US$732,355) in 39 industries, including steel, chemical, electricity, telecommunications and mining.