Major Chinese industrial firms report declining profits in July: NBS

28 Aug '23

1 min read

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Major Chinese industrial firms with a minimum annual revenue of at least 20 million yuan ($2.78 million) experienced a 6.7 per cent YoY decline in profits for July 2023, as per NBS.
Although this marks a contraction, it's an improvement from June's 8.3 per cent drop.
From January to July, profits for these firms plummeted by 15.5 per cent YoY to 3.94 trillion yuan.

Major Chinese companies with an annual primary business revenue of at least 20 million yuan (approximately $2.78 million) witnessed a 6.7 per cent year-on-year (YoY) decline in profits in July 2023, according to new data from China's National Bureau of Statistics (NBS). This contraction, however, is an improvement from the 8.3 per cent decrease seen in June.

For the January to July period, these large industrial firms recorded total profits of 3.94 trillion yuan, marking a 15.5 per cent decline compared to the same period last year. However, this fall in profits narrowed by 1.3 percentage points when contrasted with the data for the first half of the year.

Out of 41 industrial categories monitored by NBS, 13 of them reported better profit performance during the seven months of the year. Additionally, state-holding enterprises saw a slight improvement as their profit decline narrowed by 0.7 percentage points from the first six months, as per NBS.

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