Chinese industrial firms achieved 15.5% year-on-year profit growth during the month to 729.32 billion yuan ($ 111.50 billion).
According to Reuters, figures released by the National Bureau of Statistics showed that profits grew by 28.2% in October.
The industrial profit data covers large companies with annual revenues exceeding 20 million yuan from major activities.
In this context, the Chinese economy witnessed a strong recovery following the shock of the Covid-19 pandemic, and factory activities and exports recorded an unprecedented growth in November; But some companies said their earnings were under pressure as the yuan approached its multi-year peak against the dollar.
In the period from January to November, profits of industrial firms grew 2.4% year-on-year, after rising 0.4% in the first ten months of 2020.
It is worth noting that since the beginning of last month, a series of Chinese companies owned by the government and the private sector have defaulted on their bonds, the most recent of which is Shandong Ruyi, the largest textile manufacturer. In the country, which recently defaulted for the second time in a matter of days in the payment of bonds owed on it, according to what was reported by the Financial Times.
China has the second largest debt market in the world at a time when Chinese corporate debt issuances are about $ 4 trillion, but the past few weeks have seen a state of tension following an announcement The companies defaulted without the slightest interference from the Chinese government to save their subsidiaries.
