Profits for China’s industrial firms grew in September despite rising prices and supply issues, thanks mostly to strong growth in mining and raw materials industries although some businesses struggled under the high costs, reports Reuters. Profits jumped 16.3% on-year to RMB 738.74 billion ($115.72 billion) the Chinese statistics bureau said on Wednesday, quickening from the 10.1% gain reported in August.
Strong profit rises in mining and raw materials industries drove the headline figures. Profits in the coal mining and washing industry grew 172.2% over the first nine months. The fuel processing industry saw earnings skyrocket 930% over the same period.
The industrial sector has been hit by the surging price of coal, supply shortages and power rationing triggered by coal shortages due to emission reduction targets. But Beijing has taken a raft of measures to curb elevated metals prices and ease the country’s power crunch, including urging coal miners to boost output and manage electricity demand at industrial plants.