Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China's industrial profits grow at quickest monthly pace since early 2017

Economic Indicators Nov 26, 2020 10:20PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. Workers load steel products for export to a cargo ship at a port in Lianyungang

BEIJING (Reuters) - 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% 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% in September versus the previous year.

That was the biggest monthly profit growth since Jan-Feb 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% on an annual basis, after falling 2.4% 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.

Liabilities at industrial firms rose 6.8% on-year at end-October, versus a 6.6% growth as of end-September.

Earnings at China's state-owned industrial firms were down 7.5% on an annual basis for the first ten months, compared with a 14.3% on-year decline in the January-September period, the statistics bureau data showed.

Private sector profits grew 1.1% on-year in the January-October period, compared with a 0.5% decline in the first nine months.

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

China's industrial profits grow at quickest monthly pace since early 2017
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Alan Rice
Alan Rice Nov 28, 2020 2:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
a busy freeway to extinction ?
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email