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China's industrial profit picks up in October


11-29-2016 01:13 BJT

Profit growth in China's industrial sector picked up in October, helped by stronger sales and higher prices. Let's show you what's behind the rise in profits.

Rising coal prices have helped improve industrial profits, which rose 9.8 percent to 616 billion yuan in October. The growth was 2.1 percent faster than in September. Profits in the coal mining sector increased 113 percent in the first 10 months year on year, while manufacturing profits climbed 13.2 percent.

"Industries like coal and metal have seen a substantial rise in profits. That also has to do with a small base last year."said Zhao Changwen,head of Industry Econ. Research.

Officials said that while profit growths has picked up, the growth structure isn't ideal. That's because profits in the production of traditional raw materials increased relatively quickly while growth slowed for high tech and equipment manufacturing.

"The overall profit growth for all industries remains smooth, but it is still at a low level. Lifting the overall profits will be an issue to be resolved."Zhao Changwen said.
China's industrial profits have rebounded strongly after last year's decline. The spurt has been boosted by a recovery in commodities prices caused by tight supplies due to a capacity reduction drive and infrastructure boom.


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