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China's industrial profits down 2.1% in first 8 months

2022/9/28 15:27:27   source:CGTN

Profits of China's major industrial firms fell 2.1 percent year on year in the first eight months of 2022, official data showed on Tuesday.

Industrial firms each with an annual main business revenue of at least 20 million yuan ($2.83 million) saw their combined profits reach 5.53 trillion yuan in the period, the National Bureau of Statistics (NBS) said.

In August, among the 41 major industrial sectors, the profit growth rate of 27 industries has accelerated, recorded a smaller decline, or reversed decline to achieve growth, compared with the previous month.

Amid the continued recovery of industry and supply chains, the equipment manufacturing industry has significantly recovered, said the NBS. However, profits in the first eight months decreased by 2 percent year on year, 3.7 percentage points lower than the January-July period.

Driven by the government's supporting consumption policies for the auto industry, the auto manufacturing industry's production and sales further accelerated in August. Profits increased by 1.02 times on a year-on-year basis, reaching the highest growth rate seen in 2022.

The continuous recovery of industrial production, coupled with the impact of high temperatures, have led to strong demand for electricity, which drives the rapid recovery of profits in the power industry, said the NBS.

China's power industry profits in August increased by 1.58 times on a yearly basis, with the growth rate at 111.8 percentage points faster than the previous month. 

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