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China's industrial profits see accelerated recovery

China's major industrial firms saw their profits continue to recover at an accelerated pace, official data showed Friday.

The profits of major industrial firms with annual main business revenue of at least 20 million yuan (about 2.79 million U.S. dollars) surged 11.9 percent year on year in September, logging double-digit growth for two consecutive months, data from the National Bureau of Statistics (NBS) revealed.

NBS statistician Yu Weining noted that industrial profits have been improving quarter by quarter.

Industrial firms saw their profits climb 7.7 percent year on year in the third quarter, the first increase following five consecutive quarters of decline, according to Yu.

Yu attributed the positive momentum of industrial profits to the macroeconomic policy package, which has continued to show their impact on boosting market demand and cranking up industrial production.

In the first nine months of the year, the profits of major industrial firms reported a 9-percent decline, narrowing by 7.8 percentage points from the first half of this year, NBS data showed.

A total of 25 of the 41 industrial categories monitored by the bureau, or 61 percent, reported an improved performance in profits during the January-September period, Yu said.

The profit growth of manufacturing firms, for example, reversed the decline seen in the second quarter to expand by 11.8 percent in the third quarter.

The consumer product manufacturing industry saw its profits decline in the first three quarters, narrowing 7.9 percentage points from the growth registered in the first half of the year, shored up by a brightened economic outlook and pro-consumption policies, Yu noted.

To consolidate the sustained recovery, Yu said that efforts should be made to continue expanding effective demand, boost market confidence, stabilize business expectations, and promote new industrialization.