China Makes Big Strides In Major Reform
China makes big strides in major reform
China's major industrial firms saw stronger profit growth in the first 10 months of this year as progress is being made in the country's supply-side structural reform.
Industrial companies with annual revenue of more than 20 million yuan (about $3.03 million) reported profits of 6.245 trillion yuan in the first 10 months, a 23.3-percent increase from one year earlier, the National Bureau of Statistics (NBS) said Monday in a statement.
The growth marks a pick up from 22.8 percent in the first three quarters. In October alone, profits of major industrial firms rose 25.1 percent year-on-year.
Among the 41 industries surveyed, 38 posted year-on-year profit growth during the first 10 months.
High-tech manufacturing and strategic emerging industrial enterprises reported faster growth during the ten-month period. The high-end equipment manufacturing and new material sectors saw profits up 29.3 percent and 29 percent, respectively, said the NBS.
Meanwhile, industries like coal, steel, chemicals and petroleum also recorded strong performance.