China's industrial sector continues to navigate a complex economic landscape, with major enterprises reporting combined profits of 5.23 trillion yuan ($735.41 billion) from January to September 2023. This figure represents a 3.5% decrease compared to the same period last year, according to the National Bureau of Statistics (NBS).
NBS statistician Yu Weining attributes the decline to several factors, including insufficient effective demand, falling prices of industrial products, and a higher comparative base that impacted year-on-year growth rates. Despite these challenges, there is a silver lining in the form of robust growth within new dynamic industries.
High-tech manufacturing has emerged as a key driver of resilience, with profits in this sector rising by 6.3% year on year. This growth rate surpasses the overall average by 9.8 percentage points, highlighting the sector's significance in propelling industrial profits forward.
Yu emphasized that although overall industrial profit growth has slowed, the strength displayed by new industrial dynamics indicates potential for recovery. As expectations stabilize and business confidence increases, profit growth is expected to rebound in the coming quarters.
Reference(s):
Profits of industrial enterprises exceed 5 trillion yuan in Jan – Sept
cgtn.com
