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China industrial profits reached 500 billion yuan in October

11-27-2012 20:13 BJT

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China's industrial sector saw a surge in profits in October, indicating that the economy is picking up steam following a seven-quarter slowdown. That’s according to fresh figures from the National Bureau of Statistics.

The data shows that China’s industrial profits reached 500 billion yuan in October. That represents a one-fifth increase from a year ago, compared with September’s 7.8-percent rise.

Among the 41 industries categorized by the NBS, 27 industries, led by the farm produce processing industry, saw an annual increase in profits during the January to October period. Meanwhile, 13 industries witnessed an annual profit decrease. The oil refining, coking and nuclear-fuel processing sector saw profits plunge in the period.

The overall improving data adds to the evidence that the world’s second-largest economy is recovering. The latest data from the HSBC’s initial Purchasing Manager’s Index, a popular gauge of manufacturing activity, climbed to 50.4 in November, the first reading in 13 months above the 50-point level, indicating expansion in the manufacturing sector.

 

Editor:Bai Yang |Source: CCTV.com

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