China's industrial profits from January to October grew by 42.2 percent year on year to about 7.16 trillion yuan (about $1.12 trillion), even though slowing growth in 2021 continues, data from the National Bureau of Statistics (NBS) showed on Saturday.
Compared with the first ten months of 2019, the figure represented a rise of 43.2 percent. The average growth rate in the past two years stands at 19.7 percent, according to NBS data.
In October alone, the profits of China's major industrial firms increased by 24.6 percent to 818.7 billion yuan year on year, 8.3 percentage points higher than the previous month.
Major industrial firms have an annual business turnover of at least 20 million yuan from their main operations.