CHINA’S INDUSTRIAL PROFITS RISE FOR 7TH STRAIGHT MONTH
Profits at China’s industrial firms grew robustly in November for a seventh month of gains, supported by strong industrial production and sales, as manufacturers continue their recovery from the COVID-19 downturn, Reuters reported.
Profits at Chinese industrial firms rose 15.5% from a year earlier to 729.32 billion yuan ($111.50 billion), easing from October’s three-year high 28.2%, data from National Bureau of Statistics showed.
China’s industrial sector has seen a strong rebound from the shock of the COVID-19 pandemic, aided by a stunning export comeback as factories ramp up to meet demand overseas. Factory-gate prices, a gauge for profitability, fell less than expected last month.
The pullback of growth in November was mainly due to a higher base a year earlier, said Zhu Hong, a senior statistician at the statistics bureau.
“Profits at some traditional industries have showed improvement. With the approach of heating season, demand for thermal coal has risen and prices have increased, leading to an accelerated recovery in the coal sector,” Zhu said in a statement.