China will launch an investigation into beef imports, the commerce ministry said on Friday, as the world's biggest meat importer and consumer grapples with an oversupplied market that has sent domestic prices to multi-year lows.

Shares of JBS SA, the world’s biggest meat company, and other Brazilian beef producers slumped on the news that China is starting a probe into its imports of the meat, which have surged in recent years.

China's industrial profits fell at a slower clip in November, official data showed on Friday, but the annual decline in earnings this year is expected to be the worst in over two decades due to persistently soft domestic consumption.

China's industrial profits extended their decline to a fourth straight month, dropping 7.3% in November from a year earlier.

China's industrial profits fell 7% year-on-year in November, marking the fourth consecutive monthly decline. The contraction was smaller than October's 10% drop and September's nearly 27% plunge. UOB's Suan Teck Kin said China's industrial sector remains under pressure in a disinflationary environment but believes the worst may be over due to stimulus measures.

China has sanctioned seven military industrial companies and related senior executives over U.S. arms assistance and sales to Taiwan, the Chinese foreign ministry said on Friday. Boeing subsidiary Insitu Inc.

Taiwan aims to involve a range of people, including taxi drivers and security guards, to respond to emergencies.

China on Friday slapped sanctions on seven US companies after Washington's approval last week of a $571.3 million military aid package to Taiwan, which Beijing said infringed on its "sovereignty and territory".

China's President Xi Jinping will visit Russia in 2025, Russia's state-run RIA news agency quoted Moscow's ambassador to Beijing as saying early on Friday.

Speaking to Russian media, Ambassador Igor Morgulov said plans for several bilateral events were being "drawn up" but that Xi’s trip was a priority.

Chinese President Xi Jinping will visit Russia in 2025. He has met with Vladimir Putin multiple times since Russia's invasion of Ukraine, according to Reuters. "What can be said that is no secret, in terms of priority,