Industrial sector sees 20.5% surge in profits (2)

Qu Hongbin, chief economist for China at HSBC, said economic recovery was continuing to gain momentum towards the end of the year. But it was still an early-stage recovery and more policy easing was needed, Qu said.

Barclays economist Chang Jian said China's economic rebound would be moderate and external conditions could still affect economic policy in the near future. He expected China's fourth-quarter gross domestic product growth to pick up to around 7.8 percent from 7.4 percent in the third quarter.

China's economy showed signs of recovery with better-than-expected performances in September and October. Industrial production gained 9.6 percent annually last month, compared to 9.2 percent in September and August's 8.9 percent.

Among the 41 industries tracked by the national statistics bureau, 27 reported profits growth during January-October, led by the electricity generation and power supply industry, whose profits surged 57.5 percent.

IT machinery production profits expanded 10 percent in the first 10 months, and those of automobile manufacturing gained 9 percent.

Private business reported a profits growth of 17 percent to October, while those of foreign-invested firms and firms in Hong Kong, Macau and Taiwan slumped 9.2 percent.

State-owned enterprises said their profits also fell 9.2 percent during the first 10 months.

We recommend:
World's highest-altitude civilian airport to start operations	Global sales of Samsung's Galaxy Note 2 tops 5 mln mark	China to open Beijing-Guangzhou high-speed rail route slows
China Telecom starts iPhone 5 pre-orders	China's MA700 to take flight in 2016	13th Int'l Automobile Industry Exhibition
Rural grid upgrades to ensure electricity	Staff members of bus company sort notes, coins	Construction of 6th Yellow River bridge underway