China's industrial giants have hit a whopping 5.23 trillion yuan ($735.41 billion) in profits during the first three quarters of the year, according to the National Bureau of Statistics (NBS). 📊 However, this marks a 3.5% year-on-year decline, driven by factors like insufficient effective demand, falling prices of industrial products, and a higher comparative base, explained NBS statistician Yu Weining.
But it's not all grey skies! ☀️ New dynamic industries, especially in high-tech manufacturing, are leading the charge with profits soaring by 6.3% year on year. This impressive growth outpaces the average by a whopping 9.8 percentage points, showcasing the resilience and innovation within China's industrial landscape.
Yu adds that despite the overall dip in industrial profit growth, the strong performance of emerging sectors signals a hopeful recovery on the horizon. With stabilization of expectations and rising confidence, the Chinese mainland's industrial profits are set to bounce back. 📈✨
