China 2024-05-15T05:29:40+03:00
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China's industrial profits down 2.3 pct in first nine months

China's industrial profits down 2.3 pct in first nine months

China, statistics, PRC, Industrial firm, Industrial profits
China's industrial firm. Photo by Xinhua.
China's industrial firm. Photo by Xinhua.
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Profits of China's major industrial firms declined 2.3% year on year in the first nine months of the year, data from the National Bureau of Statistics (NBS) showed. This was reported by The Xinhua News Agency.

Industrial firms each with annual main business revenue of at least ¥20 mln (about $2.79 mln) saw their combined profits reach ¥6.24 trln in the period, the NBS said.

The combined revenues of these firms sustained growth during the period, rising 8.2% year on year to ¥100.17 trln, NBS data showed.

Highlighting the improvement in business profit structure, senior NBS statistician Zhu Hong noted that the performance of industrial firms is gaining recovery momentum as the country's pro-growth policies are taking effect.

A total of 19 out of 41 major industries saw growth in profits in the January-September period, the NBS said. The electrical machinery and equipment manufacturing sector saw profits jump 25.3% year on year, while the oil and gas exploitation industry saw its profits soar 112%.

By the end of September, the total assets of industrial firms stood at ¥152.64 trln, up 9.5% from a year earlier, the data showed.



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