Profits of industrial firms rose at a faster pace in October, China’s Statistics Bureau said, providing a cushion for a struggling economy reeling from rising raw material prices.
Official data showed that profit in October rose 24.6 percent from a year earlier to 818.7 billion yuan ($128.1 billion), up from a gain of 16.3 percent in September.
Profits of industrial companies rose 42.2 percent year on year to 7.2 trillion yuan during the January-October period, according to “Reuters”.
The industrial profit data covers large companies with annual revenue of more than 20 million yuan from their main operations.