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China sees industrial profits grow at start of 2016
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China’s industrial profits returned to growth in the first two months of 2016, partly due to a recovery in the property market despite an otherwise struggling economy.
Profits earned by Chinese industrial firms in January and February combined rose 4.8% from a year earlier, totalling 780.7bn yuan (£84bn) in the two-month period, according to the National Bureau of Statistics (NBS).
That compared with an annual fall of 4.7% in December 2015, which was the seventh straight month of decline.
“The recovery in property investment has helped industrial profits return to positive growth,” said Zhang Wenlang, an analyst at CITIC Securities. “Looking forward, industrial profits are likely to grow this year thanks to improved household consumption, a recovery in property investment and a halt in the slump in commodity prices.”
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