China's industrial profits up 40 percent in first ten months

China's industrial firms reported a profit rise of 39.7 percent to 913.3 billion yuan (110 billion US dollars) in the first ten months of this year, according to the monthly report of National Bureau of Statistics Tuesday.

Of the total, state-owned industrial enterprises earned 448.8 billion yuan (54 billion US dollars) in profit, a year-on-year rise of 43.6 percent.

Profit of collective industrial enterprises stood at 39.9 billion yuan (4.8 billion US dollars), up 31.4 percent, in the first ten months, said the report.

Overseas-funded industrial enterprises reported a profit rise of 28.9 percent to 282.6 billion yuan (33.98 billion US dollars).

Private industrial enterprises obtained a total profit of 91.8 billion yuan (11.06 billion US dollars), up 42.5 percent.

Sectors with the highest profits return include oil exploitation, chemical, iron and steel, electronic and telecom and oil processing. Their profits account for 52.7 percent of the newly added profits.

During the past ten months, the tax collected from these firms stood at 715.1 billion yuan (86 billion US dollars), up 22.5 percent year-on-year.

Bad-performing industrial firms also reported a total losses of 101 billion yuan (12.17 billion US dollars), up 8.6 percent.