Profits at Chinese industrial enterprises grew at a slower pace in November as producer prices continued to ease.
Industrial profits rose 15.5% last month, after gaining 28.2% in October, data from the National Bureau of Statistics showed Sunday. For the first 11 months of 2020, there were up 2.4% from a year earlier.
The easing in November was due to the higher base compared with October, the NBS said in a statement. It said there is effective market stimulus and stable improvement in both supply and demand.
“It is worth noting that business accounts receivable and inventories of finished goods are still increasing,” Zhu Hong, a government economist, said in the statement. “Going forward, we still need to focus on supply-side structural reform and demand-side management.”