Profit Decline of China's Industrial Firms Narrows in November
In November, China's major industrial enterprises experienced a reduced decline in profits, with a year-on-year decrease of 7.3 percent to 799.4 billion yuan ($109.5 billion), an improvement from October's 10 percent decline. This information is based on calculations by CGTN, derived from data released by the National Bureau of Statistics on Friday.
TroibNews 
In November, China's major industrial enterprises experienced a smaller decline in profits, with total profits decreasing by 7.3 percent year on year to 799.4 billion, a notable improvement from October's 10 percent drop. These figures were derived from calculations based on data released by the National Bureau of Statistics (NBS) on Friday.
Key areas of growth included the nonferrous metal smelting and rolling processing industry, which achieved a 20.2 percent rise in profits, along with the electricity and heat production and supply sectors, which saw a 13.5 percent increase.
The textile industry recorded a profit growth of 4.6 percent, while the computer, communication, and electronic equipment manufacturing sectors experienced a 2.9 percent uptick.
According to Yu Weining, a statistician with the NBS's Industrial Department, the improved performance can be linked to ongoing policy measures aimed at stimulating industrial growth. These measures have stabilized industrial production and contributed to a gradual recovery in corporate profits.
Despite a continued overall decline in profits, Yu stated, "the policy combination effect has helped narrow the decline, with a notable increase in the profitability of high-end, intelligent and green manufacturing industries," in a statement on the NBS website.
In November, rapid profit increases were noted in the high-end equipment manufacturing sector, with opto-electronic device manufacturing experiencing a 41.1 percent growth and aerospace-related equipment manufacturing rising by 14.3 percent.
Profit gains in various related industries were driven by the growth in smart and automated products. For instance, wearable smart devices and graphics computing saw profit increases of 90.3 percent, while profits for measuring instruments grew by 31.3 percent.
Yu emphasized that while industrial profits are still on a downward trajectory, the reduction in losses indicates improved efficiency across industries as the benefits of policy measures take effect.
In a related update, officials at a national work conference in Beijing, aimed at outlining the direction for the industrial and information technology sector through 2025, forecasted that the value-added output of major industrial enterprises would rise by approximately 5.7 percent year on year in 2024.
The manufacturing sector is anticipated to remain stable, supported by ongoing expansion in manufacturing investment. Additionally, a national industrial-financial cooperation platform is expected to facilitate enterprises in raising over 1 trillion yuan in funding.
Mark B Thomas contributed to this report for TROIB News
Key areas of growth included the nonferrous metal smelting and rolling processing industry, which achieved a 20.2 percent rise in profits, along with the electricity and heat production and supply sectors, which saw a 13.5 percent increase.
The textile industry recorded a profit growth of 4.6 percent, while the computer, communication, and electronic equipment manufacturing sectors experienced a 2.9 percent uptick.
According to Yu Weining, a statistician with the NBS's Industrial Department, the improved performance can be linked to ongoing policy measures aimed at stimulating industrial growth. These measures have stabilized industrial production and contributed to a gradual recovery in corporate profits.
Despite a continued overall decline in profits, Yu stated, "the policy combination effect has helped narrow the decline, with a notable increase in the profitability of high-end, intelligent and green manufacturing industries," in a statement on the NBS website.
In November, rapid profit increases were noted in the high-end equipment manufacturing sector, with opto-electronic device manufacturing experiencing a 41.1 percent growth and aerospace-related equipment manufacturing rising by 14.3 percent.
Profit gains in various related industries were driven by the growth in smart and automated products. For instance, wearable smart devices and graphics computing saw profit increases of 90.3 percent, while profits for measuring instruments grew by 31.3 percent.
Yu emphasized that while industrial profits are still on a downward trajectory, the reduction in losses indicates improved efficiency across industries as the benefits of policy measures take effect.
In a related update, officials at a national work conference in Beijing, aimed at outlining the direction for the industrial and information technology sector through 2025, forecasted that the value-added output of major industrial enterprises would rise by approximately 5.7 percent year on year in 2024.
The manufacturing sector is anticipated to remain stable, supported by ongoing expansion in manufacturing investment. Additionally, a national industrial-financial cooperation platform is expected to facilitate enterprises in raising over 1 trillion yuan in funding.
Mark B Thomas contributed to this report for TROIB News
