China's industrial profits growth accelerates in Oct

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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.

Profits in October rose 24.6% from a year earlier to 818.7 billion yuan , the official data showed, quickening from a 16.3% gain reported in September.

Government efforts to ensure supply and stabilize prices helped companies mitigate difficulties, which in turned helped improve production conditions and profits, said Zhu Hong a senior statistician at the National Bureau of Statistics. 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.However, an official from China's state planner said last Sunday that "energy prices including, coal prices have fallen significantly" and have pushed down prices for steel, aluminium, pulp, PVC and coal chemical products.

 

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