Profits of China's industry surges 38.8 percent in first 11 months

China's industrial enterprises reported a profit rise of 38.8 percent to 1.018 trillion yuan in the first 11 months this year, according to figures released by the National Bureau of Statistics Wednesday.

Profits of state-owned corporations reached 494.5 billion yuan,up 43.9 percent over the same period last year.

Profits of collective companies scored 44.6 billion yuan, up 29.4 percent. Overseas-funded companies reported a profit increase of 25 percent to 309.8 billion yuan.

Private industrial businesses obtained total profits of 105.9 billion yuan, up 41.3 percent.

From January to November, the profits of oil and gas exploration industries reached 166.3 billion yuan, up 43.7 percent,followed by iron and steel industries whose profits hit 91.1 billion yuan, a year-on-year rise of 66.3 percent.

Sectors with the highest profit include oil exploitation, iron and steel, chemical production, electronic and telecommunication and coal mining, whose newly-added profits accounted for 56.7 percent of the total newly added profits in the country's industrial sector.

During the 11 months, the tax collected from these enterprises stood at 795.9 billion yuan, up 22 percent year-on-year. And their sales surged 32.2 percent to 16.72 trillion yuan(One US dollar = 8.27 yuan).