China's major industrial enterprises experienced a smaller decline in profits in November, signaling a potential turnaround in the country's economic landscape. According to calculations by CGTN based on data released by the National Bureau of Statistics (NBS), total profits dipped by 7.3 percent year-on-year to reach $109.5 billion. This marks an improvement from October's 10 percent decline.
Several sectors demonstrated notable resilience and growth despite the broader downturn. The nonferrous metal smelting and rolling processing industry led the charge with a robust 20.2 percent increase in profits. Similarly, the electricity, heat production, and supply industries saw a significant rise of 13.5 percent in profits, highlighting the essential role of energy sectors in driving economic stability.
The textile industry also contributed positively, reporting a 4.6 percent growth in profits. Additionally, the computer, communication, and electronic equipment manufacturing sectors showed a modest yet encouraging increase of 2.9 percent. These gains in diverse industries suggest a multi-faceted approach to economic recovery, leveraging both traditional and modern sectors.
As China navigates the complexities of the global market, the narrowing profit decline in its industrial sector may reflect effective policy measures and a strategic focus on key growth areas. Observers will be closely monitoring these trends in the coming months to assess the sustainability of this positive momentum.
Reference(s):
cgtn.com
