China's Nov industrial profits extend gains

Profits at China's industrial firms extended gains for a fourth consecutive month in November, adding to signs of improvement.

Data from the National Bureau of Statistics showed on Wednesday that industrial enterprises with annual revenue of at least 20 million yuan ($2.8 million) saw their total profits increase 29.5 percent year-on-year in November after a 2.7 percent rise in October.

For the January-November period, industrial firms' profits fell 4.4 percent year-on-year to 6.98 trillion yuan, narrowing from the 7.8 percent drop in the first ten months, the bureau said.

Among the 41 major industrial sectors surveyed, 33 saw improvements like accelerated growth, narrowed profit declines or year-on-year growth in their profits during the first 11 months.

During the January-November period, profits recorded by industrial firms that offer supplies of electricity, heat, gas and water grew by 47.3 percent year-on-year, up from the 40 percent rise in the first 10 months.

Meanwhile, profits recorded by mining firms and manufacturing companies shrank 18.3 percent and 4.7 percent, respectively, in the first 11 months, compared to the 19.7 percent and 8.5 percent contraction in the first ten months.

During the January-November period, profits at equipment manufacturing enterprises rose by 2.8 percent on a yearly basis, up from the 1.1 percent rise in the first 10 months, NBS data showed.

NBS statistician Yu Weining said the latest data point to a continued recovery trend in industrial profits, and the focus should be placed on expanding domestic demand, stimulating the vitality of various entities and promoting new industrialization.

More efforts should be made to consolidate the foundation for industrial economic recovery and promote the improvement of the industry, Yu said in a statement on Wednesday.

According to a breakdown of the NBS data, during the January-November period, State-owned firms saw earnings fall 6.2 percent year-on-year in the first 11 months. Foreign firms booked an 8.7 percent decline and private-sector companies recorded a 1.6 percent growth.

ouyangshijia@chinadaily.com.cn