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China's industrial profits grow robustly, seventh straight rise

Economic IndicatorsDec 26, 2020 10:10PM ET
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© Reuters. FILE PHOTO: Workers load steel products for export to a cargo ship at a port in Lianyungang

BEIJING (Reuters) - Profits at China's industrial firms grew robustly in November for a seventh month of gains, supported by strong industrial production and sales, as manufacturers continue their recovery from the COVID-19 downturn.

Profits at Chinese industrial firms rose 15.5% from a year earlier to 729.32 billion yuan ($111.50 billion), easing from October's three-year high 28.2%, data from National Bureau of Statistics showed on Sunday.

China's industrial sector has seen a strong rebound from the shock of the COVID-19 pandemic, aided by a stunning export comeback as factories ramp up to meet demand overseas. Factory-gate prices, a gauge for profitability, fell less than expected last month.

The pullback of growth in November was mainly due to a higher base a year earlier, said Zhu Hong, a senior statistician at the statistics bureau.

"Profits at some traditional industries have showed improvement. With the approach of heating season, demand for thermal coal has risen and prices have increased, leading to an accelerated recovery in the coal sector," Zhu said in a statement.

Coal industry profits rose 9.1% in November, the first increase this year.

"Industrial profits are expected to maintain double-digit growth over the next few months, driven by low base effects, domestic economic recovery, improvements in overseas demand and the rebound in commodity prices benefiting the upstream sector," said analyst Zhou Maohua at China Everbright (OTC:CHFFF) Bank.

For the January-November period, industrial firms' profits rose 2.4% from a year earlier, accelerating from the 0.7% gain recorded for the first 10 months.

Earnings at China's state-owned industrial firms were down 4.9% for January-November, narrowing from the 7.5% decline in the first 10 months.

Private sector profits grew 1.8% in the January-November period, up from 1.1% in January-October.

The industrial profit data covers large firms with annual revenue of over 20 million yuan from their main operations.

($1 = 6.5408 Chinese yuan renminbi)

China's industrial profits grow robustly, seventh straight rise
 

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Comments (4)
Tyne Lim
Tyne Lim Dec 27, 2020 1:04AM ET
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Only china super glow their economic .. except china the whole countries lower down economic and deploment ... ********:
Carlos GA
Carlos GA Dec 27, 2020 12:48AM ET
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Biden will make china great again!! just a puppet...
David David
David9 Dec 26, 2020 10:33PM ET
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I told you guys... China is an economic powerhouse... the people there are the most productive... I realized now, China has the greatest leadership and people in the world... a country of 1.4B people working together on all 4 cylinders....
Mo Ali
Av8er31 Dec 26, 2020 10:33PM ET
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You only realized this now ?? I have been going to China for years, they are ages ahead of us.
Silence Dogood
Silence Dogood Dec 26, 2020 9:16PM ET
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All a part of the plan after their “gift” they dropped on the world. Now their little Biden will do his part for the   regime he serves and owes loyalty to. The dems will bring ruin to us all.
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David David
David9 Dec 26, 2020 9:16PM ET
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If it was true the virus happened there first, the world have to thank China so so much. We would be very very luck for China to take the first ********from nature... imagine if nature chooses another country first, the whole world would have suffer 10 times more pain... for that, we are so so grateful for China to lead the world with the first impact...
Gary SKY saw
Gary SKY saw Dec 26, 2020 9:16PM ET
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The Western countries is ****jealous what China has achieve..you guys are just waiting for the money to drop from the sky...
Warren Nugget
Warren Nugget Dec 26, 2020 9:16PM ET
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Western countries was the first to laugh and mock China when they are busting out of the virus situation
Limin Tandiono
Limin Tandiono Dec 26, 2020 9:16PM ET
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It's not about Rep or Dem. It's about Trump that has already bring ruin to america for the last four years.
Limin Tandiono
Limin Tandiono Dec 26, 2020 9:16PM ET
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Yes, the virus spread could had been worst, if the first outbreak had happened in other countries.
 
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