China's industrial profits soar 17.2% in Aug, ending year-long slump
27 Sep 23 2 min read
Insights
- Chinese firms with annual revenues of at least 20 million yuan saw their profits increase by 17.2 per cent YoY in August, following a 6.7 per cent decline in July.
- Overall, from January to August, industrial profits decreased by 11.7 per cent YoY to 4.66 trillion yuan, as per government data.
- Out of 41 major industrial sectors, 30 showed improvements.
For the period from January to August, the profits of industrial firms decreased by 11.7 per cent YoY, standing at 4.66 trillion yuan. However, this is an improvement over the 15.5 per cent drop experienced in the first seven months of the year.
Of the 41 key industrial sectors studied, 30 showed signs of improvement, which included accelerated growth, decreased rates of profit decline, or YoY growth in profits. One notable example is in the utilities sector; firms involved in the supply of electricity, heat, gas, and water saw their profits soar by 40.4 per cent YoY during the January-August period. This was an increase from the 38 per cent rise in the first seven months.
On the flip side, manufacturing companies recorded a 13.7 per cent contraction in profits in the first eight months, which, while significant, is an improvement from the 18.4 per cent shrinkage seen in the first seven months.
NBS statistician Wei Ning credited the uptick in industrial profits to a consistent resurgence in industrial output and enhanced company profitability, as a range of stimulus initiatives have gradually begun to make an impact.
Fibre2Fashion News Desk (NB)
Popular News
|
The LYCRA Company & Killer Jeans partner to expand in Indian market |
|
Intertextile & Yarn Expo Shenzhen to showcase eco-friendly innovations |
|
Fashion house Burberry launches new flagship store in Hangzhou, China |
|
Italy’s consumer confidence index up from 95.2 to 96.4 in May: Istat |
|
Chinese manufacturing conditions markedly improve midway into Q2 2024 |
|
ICE cotton prices surge amid crop concerns & weaker US dollar |