China Industrial Profits up Sharply in October11-27 11:00 Caijing
Profits at major Chinese industrial companies rose 20.5 percent in October from a year ago, compared with an increase of 7.8 percent in September, in the latest sign that the world's second-largest economy is recovery.
Major industrial enterprises posted a total profit of 4.024 trillion yuan ($640.2 billion) in the first ten months of this year,up 0.5 percent year-on-year, and 500.1 billion yuan in October only, the bureau said in a statement on its website.
The surprisingly strong data echoes an upbeat in China's manufacturing activities. The preliminary reading of HSBC China Manufacturing Purchasing Managers Index, which was unveiled Thursday, rose to 50.4 in November from October's 49.5, marking the first time in 13 months for the index rising above the 50.0 break-even mark and signally growth for the nation's manufacturing sector.
Of the major industrial companies, state-owned and state-controlled enterprises chunked out a total profit of 1.1127 trillion yuan in the January-October period, which was down 9.2 percent from the same period of last year.
Private companies, in the same ten months, posted a year-on-year growth of 17 percent in profits, at 1.2623 trillion yuan, the bureau said.
Among 41 major industrial categories, 27 industries led by produce processing, and car manufacturing, reported year-on-year growth, while 13 saw and one industry saw losses.
The data cover industrial companies with annual income on major businesses of at least CNY20 million.
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