China's industrial profits rose a robust 30.7 percent year-on-year in the first 11 months, said the National Bureau of Statistics (NBS) on Friday.

    The profits of Chinese industrial companies have accelerated this year, up 21.3 percent in Q1, 28 percent in first half, and 29.6 percent for the first three quarters.

    Chinese economists attribute the strong growth to booming domestic and overseas demand for industrial products, as well as high profits from sectors such as non-ferrous metals processing, electricity and telecommunications.

    Non-ferrous metals processing was the standout industrial sector with profit growth of 107.5 percent year-on-year, followed by 45.2 percent growth in transportation equipment manufacturing, 37.8 percent in electricity and 31.1 percent in telecommunications.

    The oil refining sector continued to wince from high global crude oil prices, with a loss of 42.5 billion yuan (5.45 billion U.S. dollars) in the first eleven months, according to NBS.

    Profits of all state industrial companies and companies with annual sales revenue of over five million yuan (640,000 U.S. dollars) reached 165.32 billion yuan (21.2 billion U.S. dollars).

    Chinese private industrial companies reported a profit growth rate of 47.2 percent in the first nine months, double that of their state counterparts.

    According to NBS statistics, profits at state industrial companies grew 23.9 percent in the period and 28 percent at overseas-funded companies.