BEIJING : Profits at China's industrial firms grew at a faster pace in October, the statistics bureau said on Saturday, providing a buffer for a faltering economy battered by soaring raw material prices.
For the January-October period, industrial firms' profits rose 42.2per cent year-on-year to 7.2 trillion yuan, slower than a 44.7per cent rise in the first nine months of 2021. Prices in China have surged amid a power crunch and Beijing has been trying to cool a red-hot market for coal, the country's main fuel for power generation.
The world's second-largest economy staged an impressive rebound from last year's pandemic slump, but has since lost momentum as it grapples with a slowing manufacturing sector, debt problems in the property market and COVID-19 outbreaks.
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