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China Industrial Profits Growth Slows In August

China’s industrial profits continued to grow at a slower pace as higher input prices as well as shortage of materials lifted production cost, the National Bureau of Statistics reportedly said Tuesday.

Industrial profits increased 10.1 percent year-on-year in August, following an annual growth of 16.4 percent in July.

During January to August period, industrial profits advanced 49.5 percent from the same period last year.

The sustained and stable recovery of corporate profits is facing many challenges, Zhu Hong, an economist at the NBS said.

The economist cited regional outbreak of virus, high commodity prices, elevated international logistics cost and the shortages of chips as reasons for higher corporate cost.

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