In the January-October period of this year, the aggregate gross profits of large and medium-sized industrial enterprises in China amounted to RMB 4.024 trillion ($646 billion), increasing by 0.5 percent compared to the same period last year, according to China's National Bureau of Statistics (NBS).
In October alone, the aggregate gross profits of large and medium-sized industrial enterprises in China reached RMB 500.1 billion ($80.3 billion), up 20.5 percent year on year and registering a far larger increase compared to the year-on-year rise of 7.8 percent recorded in September. The obvious rebound in the gross profits of China's industrial enterprises - an important economic indicator - points to the stabilization and momentum for recovery of China's economy.
In particular, in the first 10 months, total gross profits of China's automobile manufacturing sector indicated a year-on-year increase of nine percent, while total gross profits of the electrical machinery and equipment manufacturing sector increased by 4.5 percent year on year. On the other hand, in the given period the aggregate gross profit of the ferrous metal smelting and processing industry in China decreased by 60.3 percent year on year.