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China's industrial profits see slower growth in Jan-Aug

27 Sep '24
1 min read
China's industrial profits see slower growth in Jan-Aug
Pic: Adobe Stock

Insights

  • China's industrial profits grew by 0.5 per cent year on year from January to August, a slowdown from the 3.6 per cent increase in the first seven months of 2024.
  • This deceleration is due to insufficient market demand, adverse weather, and a high base figure from last year.
  • However, high-tech manufacturing continues to drive growth, with overall industrial development progressing steadily.

Profits for major industrial firms in China increased by 0.5 per cent year on year during the January-August period, a notable slowdown from the 3.6 per cent rise observed in the first seven months of 2024, according to the National Bureau of Statistics.

This deceleration is primarily attributed to insufficient effective market demand and adverse weather conditions, including high temperatures, heavy rains, and floods affecting various regions of China. A high base figure from the previous year has contributed to the moderated growth.

Despite these hurdles, the trend of industrial profit growth remains intact. New growth drivers, particularly in high-tech manufacturing, have maintained a relatively fast growth pace, while the high-quality development of the industrial economy continues to progress steadily.

Fibre2Fashion News Desk (HU)

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