Chinese industry profits rebound strongly, up 17.2% in August – Asia News

The profits of the main Chinese industrial companies experienced a strong rebound in August, with an increase of 17.2% compared to the previous year, as reported on Wednesday by the National Statistics Office (ONE).

NSO statistician Yu Weining said the steady recovery of industrial production and strong rebound in profits were supported by a series of pro-growth policies.

In the first eight months of this year, major industrial companies with annual revenues of at least 20 million yuan ($2.79 million) saw their total profits reach 4.66 trillion yuan ($637.9 billion). , which represents a year-on-year decrease of 11.7%. The rate of decline was reduced by 3.8 percentage points compared to the first seven months, official data indicated.

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Of the 41 major industrial sectors, 30 showed better performance, in terms of profits, during the eight-month period.

In the first eight months of this year, major industrial companies with annual revenue of at least 20 million yuan

The data reflects stabilization of domestic demand and a balanced recovery in both demand and supply, said Bruce Pang, chief economist and head of research at JLL Greater China.

The fact that more than 70% of industries saw their profits improve also indicates that the rebound in industrial profits in August is balanced and global, he added.

Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article:https://news.cgtn.com/news/2023-09-27/China-s-industrial-profits-see-robust-rebound-up-17-2-pct-in-August-1nriIPO8SaY /index.html