Chinese Industrial Profits Rise Sharply

Economy

Profits at major Chinese industrial companies increased by 23.8% year-on-year in March to 688.7 billion yuan ($99.9 billion), with steel mills reporting strong earnings growth as government backed infrastructure investment and a robust real estate sector supported demand for construction materials, according to National Bureau of Statistics data reported by Reuters. Industrial profits in the 1q17 were up by 28.3% on the same period last year at 1.7 trillion yuan.