New Delhi, Dec. 29 -- Fresh economic data adds to evidence of China's economy weakening.

On Saturday, data issued by its National Bureau of Statistics showed profits for big Chinese industrial firms (with annual sales of above 20 million yuan or $2.9 million) slumped 13.1% from a year earlier in November, worse than the 5.5% fall in October.

It's yet another sign that all isn't well in China's economy.

Although its exports have held up despite the US tariff onslaught, its domestic markets are caught in a deflationary grip, baring weak consumption that Beijing has been struggling to reverse with fiscal measures.

It reflects a failure to reorient its economy away from exports and towards the use of local demand as a growth engine.

Whil...