BEIJING--Earnings growth accelerated in China's industrial sector in November, indicating that Beijing could reach its annual economic growth target, official data showed Tuesday.
Industrial profits grew 14.5% in November from a year ago, faster than the 9.8% gain posted in October, according to the National Bureau of Statistics.
The acceleration of industrial production and sales growth and a surge in factory-gate prices are the main drivers of the rosy figure, He Ping, an economist, said in a statement accompanying the data release. He also said contributions from the telecommunication and petroleum-refining sectors helped buoy overall growth.
However, the economist pointed out that the year-ago period's low base helped fuel last month's gain and that there was still too much reliance on rebounding prices in refining and steel industrials. He also said most companies were struggling with customers making late payments.
(END) Dow Jones Newswires
December 26, 2016 23:07 ET (04:07 GMT)
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