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Profits of Chinese Industrial Companies Grew for a Second Month in October

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Core prompt: Shanghai Daily reported that profits of Chinese industrial companies grew for a second month in October, indicating strengthening economic stabilization

Shanghai Daily reported that profits of Chinese industrial companies grew for a second month in October, indicating strengthening economic stabilization in the world's largest manufacturing base.

National Bureau of Statistics said that net earnings among Chinese industrial companies rose 20.5% from a year earlier last month to CNY 500.1 billion (USD 80.2 billion). It accelerated sharply from the increase of 7.8% in September and compared with the cut of 6.2% in August.

In the first 10 months, profits of Chinese industrial companies managed to grow 0.5% to CNY 4.02 trillion, reversing the contraction of 1.8 percent in the first three quarters.

Mr Li Maoyu an analyst at Changjiang Securities Co said that "It is encouraging to see China's manufacturing sector started to earn money again, which proved recovering demand and provided foundation for more investment."

Among the 41 industries tracked by the national statistics bureau, 27 reported profit growth during the January to October period, led by electricity generation and power supply industry, whose profit surged 57.5%

Private business reported a profit growth of 17% in the months to October, while earning of foreign-invested firms and those from Hong Kong, Macau and Taiwan still slumped 9.2%. State owned enterprises said their profit also fell 9.2%.

 
 
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