BEIJING: Profits at China's industrial firms grew in October for a sixth consecutive month and at their quickest pace since early 2017, pointing to a steady recovery in the manufacturing sector after it was hard hit by the COVID-19 pandemic.
Zhu Hong, a senior statistician at the NBS, said the sharp jump was helped by rising investment income. It also came from a low base in October 2019, Zhu said. For the January to October period, industrial firms' profits rose 0.7 per cent on an annual basis, after falling 2.4 per cent in the first nine months of 2020 compared with the same period last year.That growth was driven by the equipment manufacturing and the electronic sectors, while the auto manufacturing sector also saw a steady recovery in profits, Zhu said in a statement.
Earnings at China's state-owned industrial firms were down 7.5 per cent on an annual basis for the first 10 months, compared with a 14.3 per cent on-year decline in the January to September period, the statistics bureau data showed.
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