[Bilingual Financial News]The profits of my country’s industrial enterprises have maintained positive growth for three consecutive months

Data released by the National Bureau of Statistics on November 27 showed that in October, the profits of industrial enterprises above designated size nationwide increased by 2.7% year-on-year, achieving positive growth for three consecutive months, and the efficiency of industrial enterprises continued to improve.

Profits at China’s industrial firms extended gains for a third consecutive month in October, pointing to further signs of a stabilizing economy.

In October, the profits of my country’s industrial enterprises achieved positive growth for three consecutive months, indicating that the economy is further stabilizing and improving.

Data from the National Bureau of Statistics showed on Monday that industrial enterprises with annual revenue of at least 20 million yuan ($2.8 million) each saw their total profits increase 2.7 percent year-on-year in October after a notable 11.9 percent rise in September.

Data released by the National Bureau of Statistics on November 27 showed that in October, the profits of industrial enterprises above designated size (industrial enterprises with annual main business income of 20 million yuan and above) increased by 2.7% year-on-year. In September, the profits of industrial enterprises above designated size increased year-on-year. 11.9%.

Yu Weining, a statistician at the NBS, attributed the continued recovery in industrial profits to the steady rebound in industrial production and improved corporate profitability with a series of macro policies taking effect gradually.

Yu Weining, a statistician of the National Bureau of Statistics, attributed the continued recovery in profits of industrial enterprises to the continued effects of macro policies, steady growth in industrial production, and accelerated recovery in the revenue of industrial enterprises.

For the January-October period, industrial firms’ profits fell 7.8 percent year-on-year to 6.12 trillion yuan, narrowing from the 9 percent drop in the first nine months, the bureau said.

According to the Bureau of Statistics, from January to October, the total profit of industrial enterprises above designated size nationwide was 6.11542 billion yuan, a year-on-year decrease of 7.8%, which was narrower than the decline from January to September (9%).

Among the 41 major industrial sectors surveyed, 30 saw improvements such as accelerated growth, narrowed profit declines, or year-on-year growth in their profits during the first ten months.

From January to October, among the 41 major industrial industries surveyed, the profit growth rate of 30 industries accelerated compared with January to September, or the decline rate narrowed or turned from a decrease to an increase.

During the January-October period, profits recorded by industrial firms that offer a supply of electricity, heat, gas and water grew by 40 percent year-on-year, up from the 38.7 percent rise in the first nine months.

From January to October, the profits of the electricity, heat, gas and water production and supply industry increased by 40.0% year-on-year, an increase from January to September (38.7%).

Meanwhile, profits recorded by mining firms and manufacturing companies shrank by 19.7 percent and 8.5 percent, respectively, in the first ten months, compared to the 19.9 percent decline and 10.1 percent contraction in the first nine months.

From January to October, the total profits of the mining industry and manufacturing industry fell by 19.7% and 8.5% year-on-year respectively. In contrast, from January to September, the total profits of the mining industry and manufacturing industry fell by 19.9% ​​and 10.1% year-on-year respectively.

Notably, profits of raw materials manufacturing firms surged 22.9 percent in October amid continued recovery in downstream demand.

It is worth noting that as downstream demand continues to recover, profits from the raw material manufacturing industry increased significantly in October, with a growth rate of 22.9%.

Profits of consumer goods manufacturing enterprises increased by 2.2 percent in October with policies on expanding demand and boosting consumption taking effect gradually, witnessing profits rise for a third consecutive month.

As policies to expand domestic demand and promote consumption gradually take effect, profits from the consumer goods manufacturing industry increased by 2.2% in October, increasing for three consecutive months.

During the January-October period, profits at equipment manufacturing enterprises rose by 1.1 percent on a yearly basis, NBS data showed.

Data from the National Bureau of Statistics show that from January to October, profits in the equipment manufacturing industry increased by 1.1% year-on-year.

English source: China Daily.com

Translator & Editor: Dani

[Editor in charge: Chen Danni]