China’s industrial profit growth slows for sixth month in August
Profits at China’s industrial firms grew at a weaker pace in August from a year earlier, slowing for a sixth consecutive month, as manufacturers struggled with high commodity prices, COVID-19 outbreaks and shortages in some key components.
Profits rose 10.1% on year to 680.3 billion yuan ($105 billion) last month compared with a 16.4% gain in July, data from China’s statistics bureau showed on Tuesday.
Momentum in the world’s second-biggest economy has weakened in recent months with its vast manufacturing sector buffeted by gathering headwinds.
Industrial production rose in August at its slackest pace since July 2020, weighed by domestic Covid-19 outbreaks, high raw material prices, a campaign by Beijing to cut carbon emissions and a persistent shortage in parts such as semiconductors.
