Profit of major Chinese industrial concerns fall 3.5% YoY in Jan-Sept

28 Oct '24

1 min read

Profit of major Chinese industrial concerns fall 3.5% YoY in Jan-Sept

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The cumulative profit of major industrial enterprises in China fell by 3.5 per cent YoY to $735.41 billion in the first three quarters of 2024, official statistics show.
In September alone, profits dropped by 27.1 per cent YoY.
Factors contributing to the decline include a notable rise in the YoY comparison base since August, insufficient effective demand and declining industrial product prices.

The cumulative profit of major industrial enterprises in China fell by 3.5 per cent year on year (YoY) to 5.23 trillion yuan ($735.41 billion) in the first three quarters this year, according to the National Bureau of Statistics (NBS).

In September alone, profits dropped by 27.1 per cent YoY.

High-tech manufacturing, however, witnessed rapid growth, rising by 6.3 per cent YoY during the nine-month period.

Factors contributing to the decline include a significant increase in the YoY comparison base since August, insufficient effective demand and declining industrial product prices, said NBS statistician Yu Weining.

The total profits of major industrial enterprises increased by 575.43 billion yuan from January to September compared to the January-August period.

The consumer goods manufacturing industry's profits increased by 2.4 per cent YoY in the January-September period, contributing 0.5 percentage points to the overall industrial profit growth, a state-controlled media outlet reported.

Fibre2Fashion News Desk (DS)

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