The reversal was mainly because industrial companies increased production in November, the government said in a press release. But the overall economy is still under a lot of pressure, which means corporate profitability could remain volatile, it added.
Meanwhile, the Hong Kong-based life insurance company AIA jumped 1.8% Friday after the company announced plans to take advantage of a change to China’s rules about its financial sector.
Right now, AIA can only operate in restricted areas where it has offices approved by Chinese regulators, including Shanghai and Beijing. But with a wholly owned subsidiary based on the mainland, AIA can expand its business more freely there, which means it could potentially grow its base of clients.