WNAM REPORT: Profits of China’s major industrial firms increased 3.6 percent year on year in the first seven months of the year, official data showed Tuesday.
The growth rate is 0.1 percentage point higher than that registered in the first half of the year, according to the National Bureau of Statistics (NBS)
Industrial firms with an annual main business revenue of at least 20 million yuan (about $2.81 million) saw their combined profits reach 4.1 trillion yuan during the January-July period. In July, the profits of major industrial firms grew by 4.1 percent, 0.5 percentage point higher than in June, accelerating for two consecutive months.
The NBS noted that the growth of industrial profits was led by the high-tech manufacturing industry. In the January to July period, profits of the high-tech manufacturing industry grew by 12.8 percent year on year, driving up the rise of overall industrial profits by 2.1 percentage points, representing a major contributor to the growth.
Meanwhile, profits in the consumer goods manufacturing industry increased 10.2 percent year on year in the January to July period. Double digit growth is maintained, indicating that domestic consumption is recovering steadily and export demand is growing, said NBS statistician Yu Weining.
Going forward, efforts should be made to promote the development of new quality productive forces to strengthen the recovery momentum of the industrial economy against the backdrop of a complex external environment and relatively weak domestic demand, Yu added.
