China's industrial profits soared in November

China’s industrial profits increased for two consecutive months through November, adding to signs that the nation’s economy is rebounding from a period of sluggish growth, The Wall Street Journal reported. Profits at China’s leading industrial firms soared 22.8% in November compared to the same month last year, the fastest rate of expansion since December 2011. The pace of growth accelerated from 20.8% in October, said the National Bureau of Statistics on Thursday. In the first 11 months of this year, industrial profit at Chinese firms increased 3% year-on-year, from 0.5% growth in the period running January through October. The figures are compiled from industrial firms with a minimum yearly revenue of US$3.2 million (RMB20 million). “There’s top-line sales growth, but what’s more important is profit margins are improving,” said Lu Ting, an economist from Bank of America-Merrill Lynch.