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China's industrial profits suffer first year-on-year fall in almost 3 years

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Profits at China's industrial firms fell 1.8 per cent to 594.8 billion yuan (S$118.5 billion) in November from a year earlier, the first contraction since Dec 2015, and compared with a 3.6 per cent gain in October, the National Bureau of Statistics said on Thursday.

[BEIJING] Profits at China's industrial firms fell 1.8 per cent to 594.8 billion yuan (S$118.5 billion) in November from a year earlier, the first contraction since Dec 2015, and compared with a 3.6 per cent gain in October, the National Bureau of Statistics said on Thursday.

In the first eleven months of 2018, industrial profits rose 11.8 per cent year-on-year, slower than a 13.6 per cent rise in the first ten months.

China's industrial firms' liabilities increased 5.8 per cent from a year earlier as of end-November, down from a 5.9 per cent rise from the end of October.

China's economy has been facing increasing downward pressure this year as a trade dispute with the United States, slowing global growth and a years-long deleveraging campaign hit demand.

Policymaker have vowed to keep economic growth within "a reasonable range" in 2019. 

REUTERS

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