China's industrial profits continue to pick up

BEIJING, Dec. 27 (Xinhua) -- Industrial profits maintained strong growth momentum in China in November, giving weight to signs that the world's second-largest economy is recovering.

Major Chinese industrial firms, or those with annual revenues of more than 20 million yuan (3.18 million U.S. dollars), saw profits surge 22.8 percent year on year to reach 638.5 billion yuan last month, the National Bureau of Statistics (NBS) said in a statement.

The profit growth was faster than the growth rates of 20.5 percent recorded in October and 7.8 percent in September.

In the first 11 months of the year, profits climbed 3 percent from a year earlier to 4.66 trillion yuan, compared with a 0.5-percent increase in the January-October period and a 1.8-percent decline in the January-September period, according to NBS data.

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