China's industrial profit up 9.7% in November

Chinese industrial businesses saw profits rise 9.7 percent year on year in November, slowing from 15.1 percent in October, official data showed on Friday. Total profits of industrial companies with annual revenues of more than 20 million yuan (3.3 million U.S. dollars) reached 707 billion yuan in November, the National Bureau of Statistics (NBS) said in a statement. In the first 11 months, their profits rose 13.2 percent from the same period last year to 5.33 trillion yuan, down from 13.7 percent in the first ten months. Among the 41 industries surveyed, 27 posted year-on-year profit growth during the January-November period, 12 saw their profits decline, while the oil refining, coking and nuclear fuel processing sector and the water production and supply sector turned losses into gains, the NBS said. In a breakdown, private businesses led the growth, with their combined profits up 16.3 percent year on year in the first 11 months, while state enterprises saw profits up 8.4 percent.