China’s industrial enterprises earned $647 billion in profits in the first 10 months of 2012, with earnings at power generation, technology and food processing companies seeing double digit rises in October – putting them firmly back on the path of growth, according to China’s National Bureau of Statistics (NBS).
Profit earned by China’s major industrial enterprises surged 22.8% year-on-year in November, the fastest pace since December 2011. That was up from 20.8% in October, the National Bureau of Statistics said Thursday.
The data is the latest sign of a gathering rebound in manufacturing activity in the world’s second biggest economy after seven successive quarters of slow growth, which has left China on course for its weakest year of expansion since 1999.
The Chinese economy is expected to gather momentum in the fourth quarter after an uptick in key economic activity indicators in October, following encouraging signs in September, thanks to new pro-growth policies rolled out by the government over recent months.