Chinese industrial profits continued to increase, indicating resilience in the economy and growth in producer prices.
China’s industrial profits rose by 25.1% on a yearly basis in October from a year earlier, compared with a 27.7% increase in the prior month, which was the biggest growth in almost six years, Bloomberg reported, citing the National Bureau of Statistics (NBS).
So far this year, profits climbed by 23.3% to 6.25 trillion yuan ($946 billion).
The coal, steel, chemical and oil industries contributed 51.2% to the overall industrial profit growth in the first 10 months of the year, the NBS said. Costs are decreasing and capital is being used more efficiently, the statistics bureau said.
The Chinese government intends to tighten the financial regulation and take stringent measures to combat property speculators to stabilize prices and prevent bubbles.