Chinese Industrial Profits Increasing at Fastest Pace Since Early 2017

Profits for Chinese industrial companies rose in October for the sixth consecutive month and reached the fastest pace since early 2017, indicating a strong recovery in the manufacturing sector after being hit hard by the Covid-19 pandemic.

According to data from the National Bureau of Statistics on Friday, profits of industrial companies in China rose 28.2% year on year in October to 642.91 billion yuan ($ 97.79 billion), after a 10.1% rise in September year on year.

This is the largest increase in monthly earnings since January-February 2017. The office combines results for January and February to avoid the impact of the week-long Lunar New Year holiday.