BEIJING: China’s industrial production and retail sales kept their steady growth in November as the country’s economic recovery strengthened due to strong global demand. Industrial output climbed 7 percent in November year on year, marking the eighth straight month of expansion, data from the National Statistics Bureau showed on Tuesday. It was in line with Reuters’ forecast and higher than the 6.9 percent growth in October.
Profits for China’s major industrial enterprises, those with an annual business turnover of at least 20 million yuan ($3.05 million) from their primary operations, edged up 0.7 percent in the first 10 months of 2020 to settle at 5.01 trillion yuan from the same period last year, earlier data showed. The cumulative industrial profit growth also sailed into positive territory for the first time in the year.
In October alone, the profits of major industrial enterprises reached 642.91 billion yuan, skyrocketing 28.2 percent from a year earlier. Jimmy Zhu, a chief strategist at Fullerton Research, told CGTN that the acceleration in factory production growth is accordant with China’s expansion in factory activity. In November, China’s manufacturing Purchasing Managers Index stepped up to 52.1, the fastest pace in over three years, official data showed.
One of the reasons China shows such strong output in its industrial sectors is that “some industrial chains have been transferred to China” during the pandemic.
–The Daily Mail-CGTN News exchange item
