China’s industrial profits grew at a slower rate in September, but showed signs of improvement over the first nine months of the year as Beijing pushes to shore up the economic recovery.
Industrial profits rose 11.9% from a year earlier in September, down from the 17.2% increase recorded in August, the National Bureau of Statistics said Friday.
In the January to September period, industrial profits fell 9.0%, easing from the 11.7% drop seen in the first eight months of the year.
Profit growth for the raw-material manufacturing sector was 60.8% in the third quarter, leading the overall improvement as downstream demand recovered.
At China’s state-controlled enterprises, profits dropped 11.5% from a year ago in the nine-month period, while profits of foreign and private companies declined 10.5% and 3.2%, respectively.
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