In the first three quarters of the year, China’s major industrial enterprises reported combined profits of 5.23 trillion yuan ($735.41 billion), marking a year-on-year decrease of 3.5 percent, according to the National Bureau of Statistics (NBS).
NBS statistician Yu Weining attributed the decline to insufficient effective demand, falling prices of industrial products, and a higher comparative base from the previous year.
Despite the overall downturn, new dynamic industries, particularly high-tech manufacturing, showcased robust growth. Profits in the high-tech manufacturing sector surged by 6.3 percent year on year, outperforming the average by 9.8 percentage points.
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Reference(s):
Profits of industrial enterprises exceed 5 trillion yuan in Jan – Sept
cgtn.com
