China's industrial profits up 3.6% in January-July
Profits for major industrial firms in China experienced a 3.6% increase during the first seven months of the year, fueled by advancements in high-tech manufacturing, rising domestic consumption, and strong export demand.
TroibNews 
According to official data released Tuesday, profits among China's major industrial firms rose by 3.6 percent year on year during the first seven months of the year. This growth rate surpasses the 3.5 percent increase recorded in the first half of the year, as reported by the National Bureau of Statistics (NBS).
Industrial companies that generate an annual main business revenue of at least 20 million yuan (approximately $2.81 million) reported combined profits amounting to 4.1 trillion yuan for the January to July period. In July alone, these firms experienced a profit increase of 4.1 percent, marking a 0.5 percentage point rise from June, and indicating two consecutive months of acceleration.
The NBS highlighted that the surge in industrial profits was predominantly driven by the high-tech manufacturing sector. During the January to July timeframe, profits in this segment expanded by 12.8 percent year on year, contributing 2.1 percentage points to the overall increase in industrial profits.
Additionally, profits within the consumer goods manufacturing sector also saw a year-on-year rise of 10.2 percent in the same period. This double-digit growth reflects a steady recovery in domestic consumption coupled with rising export demand, as stated by NBS statistician Yu Weining.
Looking ahead, Yu emphasized the need to advance the development of new quality productive forces in order to bolster the momentum of the industrial economy, especially in light of a challenging external environment and relatively subdued domestic demand.
Camille Lefevre contributed to this report for TROIB News
Industrial companies that generate an annual main business revenue of at least 20 million yuan (approximately $2.81 million) reported combined profits amounting to 4.1 trillion yuan for the January to July period. In July alone, these firms experienced a profit increase of 4.1 percent, marking a 0.5 percentage point rise from June, and indicating two consecutive months of acceleration.
The NBS highlighted that the surge in industrial profits was predominantly driven by the high-tech manufacturing sector. During the January to July timeframe, profits in this segment expanded by 12.8 percent year on year, contributing 2.1 percentage points to the overall increase in industrial profits.
Additionally, profits within the consumer goods manufacturing sector also saw a year-on-year rise of 10.2 percent in the same period. This double-digit growth reflects a steady recovery in domestic consumption coupled with rising export demand, as stated by NBS statistician Yu Weining.
Looking ahead, Yu emphasized the need to advance the development of new quality productive forces in order to bolster the momentum of the industrial economy, especially in light of a challenging external environment and relatively subdued domestic demand.
Camille Lefevre contributed to this report for TROIB News
