China manufacturing continues sustained recovery as industrial profits grow for eighth straight month

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Profits at China’s industrial firms grew for the eighth straight month in December, suggesting a sustained recovery as the manufacturing sector rapidly emerged from its coronavirus slump.Profits surged 20.1 per cent year on year in December to 707.11 billion yuan (US$109.3 billion), after rising 15.5 per cent in November, National Bureau of Statistics (NBS) data showed on Wednesday.China is the only major economy in the world to avoid a contraction in 2020, with gross domestic product up 2.3…

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