China's industrial profits rebound in November

BEIJING - Profits of China's major industrial firms rebounded 5.4 percent year-on-year in November, data from the National Bureau of Statistics (NBS) showed Friday.

The growth reversed the 9.9-percent decline in October, said NBS senior statistician Zhu Hong.

The quickened growth in industrial production and sales and the moderate drop in the factory-gate prices of industrial products can be attributed to the rebound in November, according to Zhu.

In the first 11 months, the profits of China's major industrial firms dropped 2.1 percent to 5.61 trillion yuan ($802.8 billion), narrowing 0.8 percentage points from that in the first 10 months.

Specifically, profits of State-owned industrial firms dropped 11.2 percent from one year earlier to 1.6 trillion yuan, while those of private ones gained 6.5 percent year-on-year to 1.59 trillion yuan in the first 11 months.

During the period, profits of the mining industry climbed 1 percent to 517.4 billion yuan, while manufacturing industry profits fell 4.1 percent to 4.63 trillion yuan.

Profits in 28 of the 41 industrial sectors surveyed rose compared with one year earlier, while 13 sectors saw their profits fall in the first 11 months, according to the NBS.