Growth in China’s industrial profits accelerates to over 27% in September

A worker walks past end frames for shipping containers at the Singamas Container Holdings factory in Qidong, China, on Thursday, June 22, 2017.

Qilai Shen | Bloomberg | Getty Images

A worker walks past end frames for shipping containers at the Singamas Container Holdings factory in Qidong, China, on Thursday, June 22, 2017.

Profits earned by China’s industrial firms in September surged 27.7 percent via a year earlier, the statistics bureau said on Friday, accelerating via a 24 percent rise in August.

Industrial profits increased 22.8 percent within the first nine months of 2017 via the same period last year, versus a 21.6 percent rise in January-August.

China’s long-ailing industrial sector has seen a sharp turnaround This particular year as a building boom boosts demand as well as also also factory-gate prices, producing the strongest profits in years as well as also also giving them more room to start tackling a mountain of debt.

Total profits in September rose to 662.18 billion yuan, the National Bureau of Statistics (NBS) said on its website.

The data covers large companies with annual revenue of more than 20 million yuan via their main operations.

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