ecns [expanded by feedex.net]
ecns
China industrial profit surges in Nov
http://www.ecns.cn/business/2012/12-28/42881.shtml
Dec 28th 2012, 04:56
2012-12-28 13:56 CNTV Web Editor: yaolan
comment
First up tonight, China's industrial profit growth sped up in November, another indication that the world's second-largest economy is on the path to recovery. Let's get all the details.
According to the National Bureau of Statistics, major Chinese industrial firms saw their profits surge some 640 billion yuan in November, nearly 23 percent more than a year earlier. The figure dwarfed the 20.5 percent recorded in October and 7.8 percent in September.
Meanwhile, the strong growth in the single month means profits in the first 11 months climbed by 3 percent year-on-year to around 4.7 trillion yuan. The growth rate in the January-October period was a half-percent, and about a 2-percent decline was seen in the first three quarters.
Private firms outperformed others, achieving 18-percent profit growth in the first 11 months. State-run firms and overseas-funded companies suffered profit drops of more than 6 percent during the same period.
Out of the key industries, about three quarters saw a profit increase in the first 11 months. These included petroleum and gas exploitation, food processing, electric and thermal power production, and car manufacturing. By contrast, industrial sectors, such as ferrous metal processing and chemical manufacturing, were the biggest losers.
Analysts say the data, together with other indicators, shows China's economy is gaining steam again after a nearly two-year slowdown.
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