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China December Industrial Companies’ Profit Rises 17.3% on Year

Chinese industrial companies’ profits rose 17.3 percent in December from a year earlier to 895 billion yuan, the National Bureau of Statistics said on its website today.

Profits for the January-to-December period increased 5.3 percent to 5.56 trillion yuan, the bureau said. That compared with a gain of 3 percent in the first 11 months of 2012.

The world’s second-biggest economy had the first pickup in growth in eight quarters in the last three months of 2012 after the government accelerated investment-project approvals, boosted spending on infrastructure and cut taxes. Gross domestic product expanded 7.9 percent from a year earlier, compared with a 7.4 percent pace in the previous period.

Industrial profits may rise by an average 30 percent this year as the economy continues to recover, businesses start restocking and export demand improves, Standard Chartered Plc forecasts. Expansion in GDP may accelerate to 8.1 percent this year from 7.8 percent in 2012, according to the median of 44 analyst estimates in a Bloomberg News survey this month.

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