China industrial profit rises 17.3% in December

The profits of Chinese industrial firms increased 17.3% in December from a year earlier to US$143.76 (RMB895 billion), Bloomberg reported, citing data published on the National Bureau of Statistics’ website on Monday. Profits for the full-year 2012 rose 5.3% to US$893.21 billion, up from an increase of 3% for the January-to-November period. The uptick in the last quarter of 2012 follows two years of slowing growth and comes after Beijing increased investment spending on infrastructure and reduced taxes in a bid to boost the economy. Industrial profits are forecast to increase an average of 30% in 2013 as the rebound continues, companies start purchasing inventory and exports rise, Standard Chartered (STAN.LON, STAC.LON, 2888.HKG) predicted. Chinese GDP growth picked up to 7.9% year-on-year in the fourth quarter, with analysts estimating a 8.1% rise for 2013.