In a sign of potential stabilization, the Chinese mainland’s major industrial firms reported a slowing decline in profits for November. According to data released by the National Bureau of Statistics (NBS) on Friday, total profits fell by 7.3 percent year-on-year to 799.4 billion yuan ($109.5 billion), improving from a 10 percent drop in October.
Several key industries bucked the downward trend, posting notable growth. The nonferrous metal smelting and rolling processing industry led the way with a remarkable 20.2 percent increase in profits. Similarly, the electricity, heat production, and supply sectors witnessed a 13.5 percent rise, reflecting increased demand and production efficiencies.
The textile industry also showed resilience, reporting a 4.6 percent profit growth. Meanwhile, the computer, communication, and electronic equipment manufacturing sectors experienced a modest but positive uptick of 2.9 percent, signaling sustained demand for technology and communication products.
The narrowing decline in industrial profits suggests that the Chinese mainland’s economy may be gradually recovering from earlier downturns, with certain sectors demonstrating robust performance. Analysts and investors are closely monitoring these trends for indications of broader economic stabilization and potential growth opportunities in the region.
Reference(s):
cgtn.com
