BEIJING – China’s industrial enterprises continued to see steady recovery in October as their combined profits increased for a third straight month, official data showed Monday. The profits of major industrial firms with annual main business revenue of at least 20 million yuan (about 2.81 million US dollars) went up 2.7 percent year on year, according to the National Bureau of Statistics (NBS). NBS statistician Yu Weining said the country’s industrial sector maintained stable production and reported sharper revenue rebounds and continued profit growth as the government macroeconomic policies took effect. In October, the raw material production sector emerged as the most important growth driver with a robust 22.9-percent profit surge as the recovering downstream demand led to an overall price upswing. As the consumer market continued to warm up due to favourable government policies, the profits of consumer goods manufacturers posted a stable increase of 2.2 percent from a year earlier, up for three consecutive months. Other industries including equipment manufacturing and power, natural gas and water supply also registered profit growth last month. In the first ten months of the year, the profits of major industrial firms reported a 7.8-percent decline, narrowing by 1.2 percentage points from the January-September period.
Source: nation.com.pk
