China's industrial profits continue to soar in first 11 months

BEIJING - Profits of China's major industrial firms continued rapid growth in the first 11 months of the year, official data showed on Monday.

Industrial firms with annual business revenues of at least 20 million yuan ($3.14 million) saw their combined profits up 38 percent year-on-year in the January-November period to 7.98 trillion yuan, the National Bureau of Statistics (NBS) said in a statement.

The average growth in the January-November period for 2020 and 2021 came in at 18.9 percent.

In the first 11 months, combined revenues of those firms went up 20.3 percent from a year ago to 114.31 trillion yuan, and 33 out of 41 industries saw expansion in their profits.

In November alone, major industrial companies raked in profits of 805.96 billion yuan, up 9 percent year-on-year, NBS data showed.