CHINA’S industrial profits fell 0.6 percent in August from a year earlier, reversing from July’s 13.5 percent annual rise, the government said Saturday, the latest in a series of weak data from the world’s second-largest economy.

    Industrial companies made profits of 3.83 trillion yuan (US$0.62 trillion) between January and August, 10 percent higher than the same period last year. the National Bureau of Statistics did not give a reason for the August decline.

    The monthly decline adds to recent weak figures that have fueled fears that China is at risk of a sharp slowdown if it does not make fresh stimulus measures.

    China’s factory output grew at its weakest pace in nearly six years in August while growth in other key sectors such as retail sales and imports also cooled.

    The country’s economy has had a difficult time this year as a slowdown in the housing market weighs on economy activity. This was further exacerbated by unsteady foreign demand, which dragged on exports, factory output and domestic investment.

    (SD-Agencies)

    Premier: Government to

    work on financial reformsTHE government will work harder on its financial reforms by allowing more companies to enter the industry and ensuring fair competition, Premier Li Keqiang said Friday.

    China plans to build an insurance system for all bank deposits to protect savers’ interests, the premier reiterated in comments published on the government’s website.

    Ensuring that all deposits are insured in China is seen as a crucial precursor for other financial reforms, such as interest rate liberalization, and senior officials have said repeatedly that such a system would be created “as soon as possible.”(SD-Agencies)