China reports 4th consecutive month of industrial profit growth in Nov

27 Dec '23

1 min read

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In November, China's major industrial firms saw a 29.5 per cent YoY profit rise, continuing a four-month growth trend.
Despite an overall 4.4 per cent annual profit drop in the first 11 months, the decline rate decreased.
Equipment manufacturing surged by 16.2 per cent, while reduced losses in raw material production contributed to the profit increase.

In November, the profits of China's major industrial firms rose by 29.5 per cent from the same period last year, marking the fourth consecutive month of increase. These firms, each with annual main business revenue of at least 20 million yuan (approximately $2.82 million), have seen a significant profit boost, as per the National Bureau of Statistics (NBS).

The total profits of these firms for the first 11 months amounted to 6.98 trillion yuan, representing a 4.4 per cent drop year on year, albeit with a reduced rate of decline from the first ten months by 3.4 percentage points.

Notably, the equipment manufacturing sector recorded a 16.2 per cent profit increase, underlining its pivotal role as a growth engine in modernising industrial chains, said Chinese media reports quoting NBS statistician Yu Weining.

Yu further noted the shrinking profit decline in the raw material production sector, which has positively impacted the overall industrial profit surge.

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