China sees upbeat industrial profits in December

China’s industrial firms had seen an increase in profits, making another expansion in December to complete an eight-month rally. The jump underscored a brisk recovery as the country’s manufacturing sector emerged from the coronavirus drag.

On an annual basis, profits advanced 20.1% in December to 707.11 billion yuan. This came after a 15.5% increase was monitored in November, data from the National Bureau of Statistics showed on Wednesday.

China’s economy failed to recede last year, making it the only major economy to do so. Its gross domestic product grew 2.3% in 2020, while many countries struggled to nurse their virus-beaten economies.

According to a Reuters survey, China’s GDP is expected to expand 8.4% in 2021. However, some analysts warned that a gradual rebound in consumption and a rapid slowdown in credit growth might restrict the Asian powerhouse.