China's industrial growth is gathering strength, supporting the broader economy on an improvement track, the country's top economic planner said Wednesday in a report.
"Recent data points to significant recovery in the industrial sector," the National Development and Reform Commission (NDRC) said in the report, citing growing industrial output, rising electricity generation and manufacturing activity as evidence of the recovery.
Major Chinese industrial firms saw their profits rise 13.5 percent year on year in the first three quarters, a faster pace than the 12.8-percent growth rate in the Jan.-Aug. period.
The NDRC report also showed improving business climate in the industrial sector.
The business climate index came in at 126.6 points in the third quarter, an increase of 1.6 points from the second quarter, and 75.3 percent of those surveyed by the China Economic Monitoring & Analysis Center said their profits were "normal" or "above normal" during the period.
Nearly 90 percent of 400,000 enterprises are optimistic about business outlook, the NDRC added.
"Their rising confidence will provide vigor to China's economic development," said the report.
China's economy has gradually emerged from a protracted slowdown this year, growing 7.7 percent in the first nine months, in line with market expectations and above the government's full-year target of 7.5 percent. However, analysts have remained cautious about whether the current momentum can be sustained.
Standard Chartered last week forecast GDP (gross domestic product) growth for the fourth quarter of 2013 at 7.5 percent, retreating from the 7.8-percent expansion in the third quarter.