Current location:Global Gaze news portal > world
China's industrial recovery gaining steam despite profits dip
Global Gaze news portal2024-05-29 12:39:06【world】8People have gathered around
IntroductionA worker works at a factory of Harbin Electric Machinery Company Ltd. of Harbin Electric Corporation
A worker works at a factory of Harbin Electric Machinery Company Ltd. of Harbin Electric Corporation in Harbin, northeast China's Heilongjiang Province, Sept. 3, 2022. (Xinhua/Wang Song)
BEIJING, Oct. 27 (Xinhua) -- China's industrial economy is showing more positive signs of recovery despite a profit decline in the first nine months of this year.
Major industrial firms, each with an annual business revenue of at least 20 million yuan (2.79 million U.S. dollars), saw their profits down 2.3 percent year on year in the first nine months to 6.24 trillion yuan, data from the National Bureau of Statistics showed Thursday.
In September, the profit decline of the major industrial firms narrowed by 6 percentage points from a month earlier, the data showed.
The combined revenues of industrial firms sustained relatively quick growth during the period, rising 8.2 percent year on year to 100.17 trillion yuan.
Highlighting the improvement in business profit structure, the bureau's senior statistician Zhu Hong noted that the performance of industrial firms was gaining recovery momentum as the country's pro-growth policies took effect.
A total of 19 out of 41 major industries saw growth in profits in the January-September period. Equipment manufacturing returned to growth with a 0.6 percent increase year on year, led by the electrical machinery sector, which saw its profits surge 25.3 percent.
Automobile manufacturing achieved profit growth of 47.4 percent year on year in September, boosted by smooth industrial and supply chains and production growth of the new energy vehicles, Zhu said.
Due partly to rising demands for electricity and slower growth in coal prices, the profits of electricity firms rose 11.4 percent in the January-September period, reversing the decline that had lasted for more than a year, Zhu noted.
The mining sector continued to witness soaring profits, driven by high prices in commodities, Zhu said.
Zhu also pointed out that the operation of private and small businesses kept improving, with their profits up 1.5 percent year on year during the period.
Thursday's data also showed that the total assets of industrial firms stood at 152.64 trillion yuan at the end of September, up 9.5 percent from a year earlier.
Despite the positive changes, Zhu still cautioned against challenges, including relatively high costs for businesses and a complex external environment.
To consolidate the recovery momentum of the industrial economy, more efforts should be put into shoring up the real economy, efficiently coordinating epidemic prevention and control with economic and social development, and advancing the implementation of pro-growth policies and measures, Zhu said. ■
Address of this article:http://iraq.shellye-mcdaniel.com/article-26c599951.html
Very good!(37)
Related articles
- Georgia parliament overrides presidential veto of foreign influence bill
- Britain's Kensington Palace releases image of Prince Louis to mark his 6th birthday
- Ted Lasso star Keeley Hazell leaves little to the imagination as she shows off her curves in a flesh
- Paris main airport unveils new baggage handling system ahead of the 2024 Olympics
- Girl, 14, accused of killing grandmother in South Florida
- Passenger breaks his leg 30 minutes into a seven
- Hong Kong schools ban books, warn teachers not to get 'political' — Radio Free Asia
- Novartis, Danaher rise; Nucor, Cadence Design Systems fall, Tuesday, 4/23/2024
- Former Pakistani premier Sharif is re
- Plane crashes into river outside Fairbanks, Alaska
Popular articles
Recommended
New court challenge filed in Pennsylvania to prevent some mail
These apps allow workers to get paid between paychecks. Experts say there are steep costs
Minnesota State Sen. Nicole Mitchell charged with first
Epiphanny Prince retires from basketball after a 14
Lana Del Rey receives a wrapped gift during glamorous Rome trip between tour dates
Activists interrupt Chinese ambassador's Harvard speech — Radio Free Asia
A top Russian military official reportedly linked to Ukraine's Mariupol arrested for bribe
Plane crashes into river outside Fairbanks, Alaska
Links
- Illness took away her voice. AI created a replica she carries in her phone
- Third person pleads guilty in probe related to bribery charges against US Rep. Cuellar of Texas
- China and Cambodia to begin annual military exercise to strengthen cooperation, fight terrorism
- Clemson adds Duke big man Christian Reeves to its lineup
- Palestinian band escapes horrors of war but members' futures remain uncertain
- New drivers face six
- Severe weather: US South hit again after one of the most active tornado periods in history
- China and Cambodia to begin annual military exercise to strengthen cooperation, fight terrorism
- The 5 players who won the career Grand Slam in golf. And the 11 players who missed by one leg
- 3 men charged in the UK with assisting the Hong Kong intelligence service