According to The Australian Financial Review, Rio Tinto says China's heavy industry is working at full speed and the Chinese economy could grow at up to 8 per cent next year, fuelling demand for Australian commodities like iron ore.
China has responded to the coronavirus pandemic with infrastructure stimulus that has driven demand for iron ore to record highs and lifted Rio to a better than expected $US4.75 billion ($6.6 billion) half-year underlying profit.
Iron ore delivered more than 90 per cent of Rio's earnings and enabled the company to pay its second-biggest interim dividend in history.
Chief executive Jean-Sebastien Jacques said China had enjoyed a "very steep V-shaped recovery" since emerging from pandemic lockdowns.
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