October 27, 2019 / 2:32 AM / 4 months ago

China's industrial profits fall 5.3% in September

People stand near a window overlooking the financial district in Shanghai, China October 23, 2019. Picture taken October 23, 2019. REUTERS/Stringer/File Photo

BEIJING (Reuters) - Profits at China’s industrial firms declined 5.3% in September from a year earlier, the National Bureau of Statistics said on Sunday.

That compares with a 2% decline in August and a 2.6% gain in July.

For January-September, profits fell 2.1% from a year earlier to 4.59 trillion yuan ($649.71 billion), faster than the 1.7% fall in the first eight months.

Industrial firms’ liabilities increased 5.4% from a year earlier to 66.49 trillion yuan at end-September, compared with a 5.0% increase in August.

The data covers companies with more than 20 million yuan in annual revenue from their main operations.

($1 = 7.0647 Chinese yuan renminbi)

Reporting by Ben Blanchard; Editing by Lincoln Feast

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