China's industrial profits up in October

Profit levels at major Chinese industrial companies increased 20.5% year-on-year in October to US$80.33 billion (RMB500.1 billion), The Wall Street Journal reported, citing official statistics released today. The figures show an acceleration in growth, when compared to a year-on-year increase of 7.8% in September. Industrial profit rose 0.5% in the first ten months of this year. Large industrial firms made a total profit of US$640.2 billion in the January to October period. In the same 10-month period, private firms posted profits of US$200 billion, up 17% year-on-year, while profits at government controlled or owned companies dropped 9.2% year-on-year to US$180 billion. The figures relate to firms with a yearly income of at least US$3.21 million. The October results add to other indicators signaling a rebound in China’s economy.