In November of this year, profits of China's leading industrial enterprises increased by 15.5% year on year to 729.32 billion yuan (approximately $ 111.63 billion), the State Statistics Office of China said on Sunday.
Profit growth has contracted after a three-year high in October of 28.2%, but remains in double digits, signaling the final recovery of the world's second largest economy after the pandemic shock.
That said, the slowdown in November growth was mainly driven by a higher base year earlier, said Zhu Hong, China's senior statistician.
“Profits in some traditional industries have improved. With the heating season approaching, demand for thermal coal has increased and prices have increased, leading to an accelerated recovery in the coal mining sector, ”Zhu said in a statement.
China's coal mining profit rose 9.1% in November, the first increase this year.
Manufacturing profits are expected to maintain double-digit growth over the next few months, driven by a low base effect, domestic economic recovery, improved overseas demand and a rebound in commodity prices, which will benefit the mining sector.