Despite facing hurdles like insufficient market demand and extreme weather conditions — including soaring temperatures and severe flooding — China’s industrial firms have reported a notable profit expansion in the first eight months of the year. 📊
Official data from the National Bureau of Statistics (NBS) revealed that the profits of major industrial companies climbed by 0.5 percent year-on-year, reaching a whopping 4.65 trillion yuan ($652.95 billion) from January to August.
When looking at gross profits, which account for business costs deducted from operating revenue, there was a 1.2 percent increase compared to the same period last year. 📈
Out of 41 major industrial sectors tracked by the NBS, 29 sectors saw year-on-year profit growth, covering over 70 percent of the industries. This widespread growth highlights the resilience of China’s industrial landscape.
Leading the charge is the high-tech manufacturing sector, which saw profits surge by an impressive 10.9 percent compared to the previous year. This growth rate far outpaced the average for larger industrial enterprises by 10.4 percentage points, contributing 1.8 percentage points to the overall industrial profit growth. 🚀
Yu Weining, a statistician from the Department of Industry at the NBS, emphasized that the sustained rapid growth in high-tech manufacturing underscores its vital role in supporting the ongoing high-quality development of China’s industrial economy. This growth persists despite the high baseline set in August and the broader economic challenges faced throughout the year. 🌐✨
