China’s industrial giants see profits in October grow at fastest pace in nearly nine years

From January to October, profits among China’s big industrial companies grew by 0.7 per cent on an annual basis

In October alone, profits among large industrial firms increased by 28.2 per cent year on year

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From January to October, profits among big industrial companies grew 0.7 per cent on an annual basis, easing from the 2.4 per cent decline in the first nine months of the year. Photo: Reuters

Published: 10:36am, 27 Nov 2020Updated: 11:03am, 27 Nov 2020

China’s industrial giants saw their profits grow for a sixth straight month in October, indicating continued recovery from the coronavirus pandemic in the world’s second largest economy.

Profits at Chinese industrial firms rose 28.2 per cent in October from a year earlier to 642.91 billion yuan (US$97.8 billion), almost triple the 10.1 per cent increase in September, National Bureau of Statistics (NBS) data showed on Friday.

October’s industrial profits grew at the faster pace in December 2011, when they jumped 30.5 per cent, the highest growth rate on record.

Profits at China’s industrial firms hit an all-time low of minus 34.9 per cent in March, in the midst of widespread lockdowns to control the spread of coronavirus.

From January to October, profits among big industrial companies grew 0.7 per cent on an annual basis, improving from the 2.4 per cent decline in the first nine months of the year.

Overall, the steady recovery of industrial profits has been further consolidated, and cumulative profits have achieved positive growth,

Zhu Hong

“Overall, the steady recovery of industrial profits has been further consolidated, and cumulative profits have achieved positive growth,” said Zhu Hong, senior NBS statistician.