China_s_Industrial_Profits_Hit_5_23_Trillion_Yuan__High_Tech_Sector_Shines_Amid_Decline

China’s Industrial Profits Hit 5.23 Trillion Yuan, High-Tech Sector Shines Amid Decline

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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