Chinese industrial profits hit USD1.05t in 2014

(MENAFN) Official data released by a Chinese statistics agency showed that profits of the country's industrial businesses reached USD1.05 trillion last year, Xinhua reported.

The growth rate was 8.9 percent lower than that of 2013, the National Bureau of Statistics (NBS) data showed. The data includes firms with annual revenue of more than USD3.24 million.

In December 2014 alone, these companies' combined profits dropped 8 percent over a year ago to USD137.94 billion, widening from a 4.2 percent decline registered in November.

Out of 41 industrial categories, 28 reported annual profit increases, while only two remained flat. However, eleven industries, including oil and natural gas, saw profit decreases.