China Industrial Profit Growth Accelerates to 9.8%

China's combined industrial profits rose 9.8% year on year in October, up from 7.7% registered in September, official data showed Sunday. 
The acceleration was attributed to faster growth of sales revenue, rising producer prices and the strong profit growth in chemical, coal and general equipment sectors, the National Bureau of Statistics (NBS) said in a statement. 
The main business revenue of companies with annual revenue of more than 20 million yuan about (2.89 million US dollars) rose 5.4% last month, up 1.5 percentage points from September, according to China's (Xinhua) News Agency. 
China's producer price index (PPI), which measures costs for goods at the factory gate, continued its growth by rising 1.2% year on year in October, up from a rise of 0.1% in September. 
In the first 10 months, total industrial profits expanded 8.6% year on year, faster than the 8.4% rise for the first three quarters, the NBS said.