Top Chinese industrial companies posted profits of 17.2% compared to 2022
After a drop of 6.7% in July and 8.3% in June, the robust growth marks the first increase since the 2nd half of 2022, according to data released on September 27 by the DNE (National Department of Statistics ).
As the country’s pro-growth policies continued to show their effect in August, industrial production saw a steady recovery, with industrial profits momentum improving, said NBS statistician Yu Weining.
In the first 8 months of the year, profits of major industrial enterprises with annual revenue of at least 20 million yuan ($2.79 million) reached 4.66 trillion yuan, down 11.7% year on year, with the pace of decline decreasing 3.8 percentage points compared to the first 7 months.
Of the 41 industrial categories monitored by the agency, 30 showed better performance in terms of profits in the period from January to August.
Profit growth for equipment manufacturing was 3.6% in the period, accelerating from the 1.7% recorded during the first 7 months and leading the overall improvement, Yu said, noting that all business entities recorded better performance.
The combined profit of the country’s state-owned enterprises fell 16.5% year-on-year in the first 8 months, with the pace of decline slowing by 3.8 percentage points from the first seven months.
Profits of foreign-funded companies and private companies fell by 11.1% and 4.6%, with the pace of declines decreasing by 1.3 percentage points and 6.1 percentage points, respectively, compared to the January-July period. according to DNE data.
Data released on September 27 also confirmed that the Chinese economy gained significant momentum last month. This was evident through several positive indicators, including strong factory production and improving consumer sentiment.
With information from the Xinhua agency.