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China industrial profits rebound in November

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China industrial profits rebound in November

Profits from China's industrial enterprises increased 5.4% to 593.91 billion yuan in November, compared with a 9.9% drop in October, according to the National Bureau of Statistics.

The profit growth was attributed to an acceleration in industrial production, growth in sales and a slower fall in the ex-factory price of industrial products.

In the January to November period, industrial profits fell 2.1% year over year to 5.61 trillion yuan, slowing from the 2.9% drop registered in the first 10 months of the year.

Profits of state-controlled enterprises declined 11.2% on a yearly basis to 1.60 trillion yuan, while that of private enterprises rose 6.5% to 1.59 trillion yuan.

As of Dec. 26, US$1 was equivalent to 7.00 Chinese yuan.