Industrial profits improve in China in November

China's industrial profits experienced a substantial boost in November, with a double-digit increase of 29.5%, following a much more modest 2.7% rise in October.

The surge in profits was primarily fueled by an overall improvement in the manufacturing sector and a notable upswing in industrial output during the same month.

Despite the positive momentum seen in November, data released by the National Bureau of Statistics (NBS) showed that industrial earnings for the first 11 months of 2023 still exhibited a year-on-year contraction of 4.4%.

That contraction, though significant, was still an improvement from the 7.8% drop reported to October.

The NBS attributed the November profit increase to accelerated growth in industrial profits and returns on investments.

Reporting by Josh White for Sharecast.com.