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China industrial profit growth quickens in October

11-27-2012 14:34 BJT

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Official data show profit growth among major Chinese industrial companies accelerated sharply in October, an indication that the economy is picking up steam following a seven-quarter slowdown.

The National Bureau of Statistics says profits at companies with annual revenues of more than 20 million yuan, or 3.18 million US dollars, surged 20.5 percent last month from one year earlier. Profits turned positive for the year, edging up 0.5 percent to over 4 trillion yuan, after a 1.8-percent decline in the January-September period.

In breakdown, private businesses led the turnaround, with their combined profits up 17 percent year on year in the first ten months. While state-run firms and overseas-funded enterprises both saw a profit drop of 9.2 percent during the period.

The aggregate business income at these companies totalled 73.7 trillion yuan, up 10.3 percent from one year earlier. The latest data of the preliminary HSBC China’s manufacturing Purchasing Manager’s Index climbed to 50.4 in November, the first reading above the 50-point level, which indicates expansion in 13 months. It rose from a final reading of 49.5 in October.

 

Editor:Zhou Minxi |Source: CCTV.com

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