Profits at Chinese industrial firms in November grew 15.5pct year-on-year to 729.32 billion yuan, official data showed.

That compared with a 28. percent surge in October, according to data from the National Bureau of Statistics. The industrial profit data covers large firms with annual revenue of over 20 million yuan from their main operations.

China’s economy has seen a strong rebound from the shock of the Covid-19 pandemic, with exports and factory activity posting record-beating growth in November.

But some firms reported their profits have come under pressure as yuan hovered near multi-year peaks against the dollar.

For the January-November period, industrial firms’ profits rose 2.4 percent on an annual basis, after rising 0.7 percent year-on-year in the first 10 months of 2020.

Despite being the source of Covid-19 China's official fatality count of 4,634 cases has been surpassed by 41 other countries with the US having suffered over 339,000 deaths.

Yesterday, the Centre for Economics and Business Research said in an annual report published on Saturday that the pandemic and corresponding economic fallout have certainly tipped the US-China rivalry in China’s favour.

The CEBR said China’s “skilful management of the pandemic”, with its strict early lockdown, and hits to long-term growth in the West meant China’s relative economic performance had improved.

China looked set for the average economic growth of 5.7 percent a year from 2021-25 before slowing to 4.5 percent a year from 2026-30, it said.

- Reuters

China to leapfrog US as world's biggest economy by 2028 - think tank

China to leapfrog US as world's biggest economy by 2028 - think tank