BEIJING (Reuters) – Profits at Chinese industrial firms in November grew 15.5% year-on-year to 729.32 billion yuan ($111.50 billion), official data showed on Sunday.
That compared with a 28.2% surge in October, according to data from National Bureau of Statistics. The industrial profit data covers large firms with annual revenue of over 20 million yuan from their main operations.
China’s economy has seen a strong rebound from the shock of the COVID-19 pandemic, with exports and factory activity posting record-beating growth in November. But some firms reported their profits have come under pressure as yuan hovered near multi-year peaks against the dollar.
For the January-November period, industrial firms’ profits rose 2.4% on an annual basis, after rising 0.7% year-on-year in the first 10 months of 2020.
($1 = 6.5408 Chinese yuan renminbi)
(Reporting by Roxanne Liu, Stella Qiu and Ryan Woo; Editing by Kenneth Maxwell)
