ECONOMIC NEWS FRONT: China's industrial sector profit reached 1.55 trillion yuan ($245 billion) in the first three months of the year, up by 11.6 percent from the same period last year, according to data released by the National Bureau of Statistics on Friday. The data gauge large-scale companies with annual turnover of more than 20 million yuan. "The overall industrial sector is on track to see continued improvements, reflected by steady profit growth and lower leverage ratios," wrote NBS statistician He Ping in a note. However, in March alone, the profit growth of industrial companies was 13 percentage points lower compared to the previous two months, data showed. He attributed slower growth in March to seasonal factors such as the later Lunar New Year holiday this year. Weaker producer price inflation and higher financing costs also played a role in driving down the growth pace, He said.
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