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China’s industrial profits grow at quickest monthly pace since 2017

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BEIJING: Profits at China’s industrial firms grew in October for a sixth consecutive month and at their quickest pace since early 2017, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic.


Profits at Chinese industrial firms surged 28.2 per cent year-on-year in October to 642.91 billion yuan ($97.79 billion), National Bureau of Statistics (NBS) data showed on Friday, after rising 10.1 per cent in September versus the previous year. That was the biggest monthly profit growth since January-February 2017. The NBS combines the results for January and February to exclude distortions caused by the week-long Lunar New Year.


Zhu Hong, a senior statistician at the NBS, said the sharp jump was helped by rising investment income. It also came from a low base in October 2019, Zhu said.


China’s industrial sector has seen an impressive recovery from the coronavirus fallout, helped by resilient demand for the country’s exports. Premier Li Keqiang said on Tuesday he expects Chinese economic activity to return to a reasonable range next year.


For the January-October period, industrial firms’ profits rose 0.7 per cent on an annual basis, after falling 2.4 per cent in the first nine months of 2020 compared with the same period last year. That growth was driven by the equipment manufacturing and the electronic sectors,


while the auto manufacturing sector also saw a steady


recovery in profits, Zhu said in a statement. — Reuters


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