Profit growth in China’s industrial firms slowed in September from the previous month’s rapid pace as several sectors showed weak activity, suggesting the world’s second-biggest economy remains underpowered despite emerging signs of stability.
Profits in September rose 7.7 percent to 577.1 billion yuan, slowing sharply from August’s 19.5 percent jump, according to data released by the National Bureau of Statistics (NBS) on its website on Thursday.
Profits in industries such as electronics, steel and electricity were hit by a significant drop in growth, He Ping, a NBS official said in a note accompanying the data.
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