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China's industrial profits rise for 3rd consecutive month in October
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A worker operates at a production plant in southwest China's Chongqing municipality, November 18, 2023. /CFP
China's industrial profits continued to grow for the third consecutive month in October, rising 2.7 percent year-on-year, according to data released by the National Bureau of Statistics (NBS) on Monday.
In the first 10 months of the year, industrial profits fell 7.8 percent year-on-year, narrowing from a nine percent decline in the first nine months.
"The effects of macro policies have continued to show, industrial production has remained stable, and industrial enterprise revenue has accelerated its recovery," said NBS statistician Yu Weining.
Industrial enterprise revenue grew 0.3 percent year-on-year in the first 10 months, up from a flat reading in the first nine months.
"Profits in the raw materials and consumer goods sectors have continued to improve," said Yu.
As downstream demand has gradually recovered, product prices in the raw materials sector have generally rebounded, revenue growth has accelerated, and profits have continued to improve, Yu added.
Profits in the raw materials manufacturing industry jumped 22.9 percent year-on-year in October, maintaining a relatively fast pace of growth.
In the first 10 months, profits in the raw materials manufacturing industry declined 10.5 percent year-on-year, narrowing from a 15.3 percent drop in the first nine months.
Going forward, China will focus on expanding domestic demand, stimulating the vitality of businesses, promoting the transformation and upgrading of traditional industries, and cultivating and expanding emerging industries, according to the NBS.
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Copyright © 2023 CGTN. 京ICP备16065310号
Disinformation report hotline: 010-85061466