China’s industrial profit growth accelerated in October, Reuters reported

BEIJING (Reuters) – Profits from Chinese industrial companies grew at a faster pace in October, the statistics office said on Saturday, supporting a tumultuous economy hit by rising commodity prices.

Earnings in October rose 24.6% from a year earlier to 818.7 billion yuan ($ 128.1 billion), according to official data, accelerating from the 16.3% gains reported in September.

From January to October, the profits of industrial enterprises rose 42.2% year-on-year to 7.2 trillion yuan, slower than the 44.7% increase in the first nine months of 2021.

Industrial profit data show large enterprises with annual revenues of more than 20 million Yuan per year.

Prices in China have risen as a result of a power cut, and Beijing is trying to cool a hot coal market, the country’s main fuel for energy generation.

However, a Chinese state planner said last Sunday that “including energy prices, coal prices have dropped significantly” and lowered the prices of steel, aluminum, pulp, PVC and coal chemicals.

The world’s second-largest economy had a spectacular rebound as a result of last year’s pandemic, but has since lost strength with a slowdown in the manufacturing sector, real estate market debt problems and COVID-19 outbreaks.

Chinese industrial production grew faster than expected in October, but this year has been the second lowest printing.

Industrial profit data show large enterprises with annual revenues of more than 20 million Yuan per year.

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