China's industrial profits rebound in November

Source: Xinhua| 2019-12-27 16:36:50|Editor: Shi Yinglun
Video PlayerClose

BEIJING, Dec. 27 (Xinhua) -- Profits of China's major industrial firms rose 5.4 percent year on year in November, data from the National Bureau of Statistics (NBS) showed Friday.

The growth reversed the 9.9-percent decline in October, said NBS senior statistician Zhu Hong.

The quickened growth in industrial production and sales and the moderate drop in the factory-gate prices of industrial products contributed to the rebound in November, according to Zhu.

In the first 11 months, the profits of China's major industrial firms dropped 2.1 percent to 5.61 trillion yuan (802.8 billion U.S. dollars), narrowing 0.8 percentage points from that in the first 10 months.

Specifically, profits of state-controlled industrial firms dropped 11.2 percent from one year earlier to 1.6 trillion yuan, while those of private ones gained 6.5 percent year on year to 1.59 trillion yuan in the first 11 months.

During the period, profits of the mining industry rose 1 percent to 517.4 billion yuan, while manufacturing industry profits fell 4.1 percent to 4.63 trillion yuan.

Profits in 28 of the 41 industrial sectors surveyed rose compared with one year earlier, while 13 sectors saw their profits fall in the first 11 months, according to the NBS.

The revenue of the major industrial firms, with annual revenue of more than 20 million yuan, amounted to 95 trillion yuan, up 4.4 percent year on year, while their business costs climbed 4.6 percent to 79.99 trillion yuan during the period.

The profit growth of private and small businesses accelerated in November, Zhu said.

Profits of private and small firms rose 14.7 percent and 8.6 percent year on year in November, up 9.9 percentage points and 5.6 percentage points from October, respectively.

Meanwhile, profits of state-controlled industrial firms snapped the downward trend in the second half of 2019 to expand 0.6 percent year on year, while those of overseas-funded enterprises rallied 3.5 percent, compared with a 2-percent drop in October.