China’s under pressure industrial firms see profits tumble at end of 2021

Profits at China’s industrial firms grew at a slower pace in December, the statistics bureau said on Thursday, as factory-gate inflation continued to ease, pointing to cooling demand amid mounting economic challenges.Profits rose by 4.2 per cent year-on-year, the slowest rate since April 2020, to 734.2 billion yuan (US$116 billion), compared with a 9 per cent gain in November.For 2021, industrial firms’ profits rose by a whopping 34.3 per cent year-on-year to 8.7 trillion yuan (US$1.38 trillion…