The combined profits of China’s major industrial enterprises exceeded 5.86 trillion yuan (about US$814 billion) from January to October, down 4.3 per cent from a year earlier.

According to China’s National Bureau of Statistics, profits fell 10 per cent year-on-year in October alone, a significant slowdown from the previous month’s 27.1 per cent drop.

According to Xinhua, the bureau attributed the improvement to the implementation of existing policies and a package of additional measures, with industrial production showing steady growth in October while the decline in corporate profits slowed significantly.

The equipment manufacturing sector recorded a 4.5 per cent increase in profits in October, the steel sector saw an 80.1 per cent year-on-year increase in profits in October, and the textile and garment sector recorded a 44.3 per cent increase in profits.