China’s Industrial Profits Grow at Slower Pace in November

(Bloomberg) — Profits at Chinese industrial enterprises grew at a slower pace in November as producer prices continued to ease.

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Employees handle toothbrushes on a production line at the Yangzhou Shuguang Toothbrush Factory in Yangzhou, Jiangsu Province, China, on Monday, Sept. 21, 2020. As export orders started plummeting in March amid the coronavirus’s global spread, the Chinese toothbrush maker turned to the domestic market. With the help of Alibaba Group’s huge trove of data on what Chinese consumers are searching for, the company shifted to making products that became local hits.

Industrial profits rose 15.5% last month, after gaining 28.2% in October, data from the National Bureau of Statistics showed Sunday. For the first 11 months of 2020, there were up 2.4% from a year earlier.

The easing in November was due to the higher base compared with October, the NBS said in a statement. It said there is effective market stimulus and stable improvement in both supply and demand.

Video: CNBC Markets Now: December 24, 2020 (CNBC)

CNBC Markets Now: December 24, 2020

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“It is worth noting that business accounts receivable and inventories of finished goods are still increasing,” Zhu Hong, a government economist, said in the statement. “Going forward, we still need to focus on supply-side structural reform and demand-side management.”

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