China's industrial profits down in first 10 months

Industrial profits in 22 Chinese provinces fell more than three percent in the first 10 months from a year earlier. But the pace of decline has eased off from just a month earlier.

According to the National Bureau of Statistics, total profits hit 1.79 trillion yuan. But that covers only companies above a certain size, and represent around four fifths of total industrial profits.

34 of the 39 industries surveyed have seen profits rise or decline at a slower pace. The chemical fiber and rubber industries recorded a leap in profits of 143 and 61 percent respectively. Sectors reporting narrower drops in profit include oil exploitation, steel and nonferrous metals. The improvement is fresh evidence that corporate profitability is picking up after being hit by the economic downturn.