China’s industrial earnings rise on further recovery

Profits in October surged 28.2% year-on-year, 18.1 percentage points higher than that in September, the NBS said.

BEIJING: Profits at China’s major industrial companies rose 0.7% year-on-year in the first 10 months, turning positive for the first time this year and suggesting the country’s economic rebound is gaining momentum despite the impact of Covid-19, said officials and experts.

For the January-October period, profits at China’s large industrial firms, those with annual revenue of at least 20 million yuan (US$3mil), reached five trillion yuan, the National Bureau of Statistics said.