China's industrial profits fell by 2.3% YoY from Jan-Sept 2022: NBS

30 Oct '22

1 min read

Pic: Shutterstock/ humphery

China’s major industrial firms faced a 2.3 per cent year-on-year (YoY) drop in profits during January to September 2022. During the period, the country’s industrial firms, which earn a yearly business revenue of a minimum of 20 million yuan (around $2.79 million), reflected combined profits of up to 6.24 trillion yuan, revealed the National Bureau of Statistics (NBS).

The firms recorded a total revenue of 100.17 trillion yuan in the first nine months of 2022 — an increase of 8.2 per cent YoY. “The performance of industrial firms is gaining recovery momentum as the country’s pro-growth policies are taking effect,” senior NBS statistician Zhu Hong was quoted as saying by Chinese media reports.

Around 19 out of 41 major industries showed a jump in profits from January-September 2022, as per NBS data. The total assets of China’s industrial firms surged by 9.5 per cent compared to that of last year and reached 152.64 trillion yuan.

Moreover, foreign direct investment (FDI) in the Chinese mainland totalled 1.00376 trillion yuan, a growth of 15.6 per cent YoY in the same period, according to the ministry of commerce.

Fibre2Fashion News Desk (NB)

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