China’s Dec. industrial profits fall for second straight month; full-year up 10.3 percent

Worker welds a pressure vessel at a company manufacturing industrial equipment in Nantong
FILE PHOTO: A worker welds a pressure vessel at a company manufacturing industrial equipment in Nantong, Jiangsu province, China June 19, 2018. REUTERS/Stringer

January 28, 2019

BEIJING (Reuters) – Profits notched up by China’s industrial firms declined 1.9 percent from a year earlier to 680.8 billion yuan ($100.9 billion) in December, the statistics bureau said on Monday.

For the full-year of 2018, industrial profits increased 10.3 percent on an annual basis to 6.64 trillion yuan, versus the 11.8 percent gain in the January-November period, the National Bureau of Statistics (NBS) said on its website.

Chinese industrial firms’ liabilities rose 5.2 percent from a year earlier to 64.1 trillion yuan by end-2018, compared with a 5.8 percent rise as of end-November.

China reported its weakest annual economic growth in 28 years earlier this month, highlighting rising downward pressure faced by the world’s second-largest economy as it tries to resolve a bruising trade dispute with the United States.

(Reporting by Beijing Monitoring Desk; Editing by Jacqueline Wong)

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