Chinese industrial profits surged in October as orders rose, an indication that the economy’s recent upturn is beginning to filter through into corporate results.
Profits at industrial companies increased 20.5 per cent last month, a sharp acceleration from the 7.8 per cent gain in September, according to a survey by the national statistics bureau. For the year to date as a whole, the October figures push profit growth into positive territory, up 0.5 per cent versus a 1.8 per cent decline for the first nine months.
The jump in industrial profits comes as the government has used more fiscal spending, especially on infrastructure, and looser monetary policy to try to halt seven straight quarters of slowing economic growth.
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