China’s Industrial Sector Posts Large Profit Decline In October

China’s large industrial firms reported a 10 % Y/Y decline in profits in October, with the property and retail sectors hit the hardest, the National Bureau of Statistics in Beijing said on Wednesday. Total profits for the first 10 months of the current year fell 4.3% Y/Y to 5.87 trillion yuan (US$810.9 billion), worse than the 3.5 per cent drop recorded in the first nine months. China’s oil and steel industries are deeply in the red: the cumulative losses in the world’s biggest steel industry hit 34 billion yuan (S$4.76 billion)…