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China’s industrial profits rebound as optimism over 2020 economic prospects grows
- Profits at China’s industrial enterprises rose 5.4 per cent in November from a year earlier
- Figures are latest sign of resilience in the world’s second biggest economy
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Profitability at Chinese industrial enterprises improved significantly in November – the latest figures that have given economists cause for optimism about China’s prospects for next year.
Combined profits at industrial enterprises rose 5.4 per cent in November from a year earlier, a sharp rebound from a year-on-year drop of 9.9 per cent in October, according to figures released by China’s National Bureau of Statistics on Friday.
Profits at private industrial enterprises surged 14.7 per cent – reflecting a significant boost for the sector amid a government drive to provide it with more support.
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Meanwhile, profits at state-owned enterprises rose 0.6 per cent, reversing months of decline.
In the first 11 months, industrial profits in China fell 2.1 per cent from the same period last year, but this has eased from the 10-month figure of 2.9 per cent.
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The improvement was in line with a broad-based recovery in the country’s industrial production, retail sales and fixed-asset investment last month – all of which support the increasingly upbeat outlook among economists about China’s growth prospects for 2020.
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