In­dus­trial profit growth slowed in De­cem­ber

China Daily (Canada) - - NEWSCAPSULE -

To­tal profit of China’s large in­dus­trial com­pa­nies in­creased at the slow­est pace in nine months in De­cem­ber.

It rose 6 per­cent to ($155.8 bil­lion, com­pared with 9.7 per­cent growth in Novem­ber, the Na­tional Bureau of Sta­tis­tics said.

Econ­o­mists said that re­cent eco­nomic in­di­ca­tors have con­firmed the trend of soft­en­ing growth mo­men­tum that be­gan in the fourth quar­ter.

For the full year, in­dus­trial profit was up 12.2 per­cent. The 2012 growth rate was only 5.27 per­cent.

Large com­pa­nies are de­fined as those with an­nual rev­enues of more than 20 mil­lion yuan.

In­dus­trial out­put grew 9.7 per­cent year-on-year in De­cem­ber, held down by weaker in­fra­struc­ture in­vest­ment, which in turn was at­trib­uted to the slower pace of credit growth.

The pre­lim­i­nary Jan­uary read­ing for HSBC Hold­ings Plc’s man­u­fac­tur­ing pur­chas­ing man­agers’ in­dex fell to 49.6, the bank re­ported last week, from 50.5 in De­cem­ber.

The Jan­uary fig­ure was the first de­cline be­low the level of 50, which dis­tin­guishes ex­pan­sion from con­trac­tion, since Au­gust.

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