BEIJING, Dec. 27 (Xinhua) – China’s major industrial firms experienced a surge in profits for the fourth consecutive month in November, according to data released by the National Bureau of Statistics (NBS) on Wednesday.
The profits of major industrial firms, with annual main business revenue exceeding 20 million yuan (about 2.82 million U.S. dollars), witnessed a notable increase of 29.5 percent in November compared to the same period last year.
In the first 11 months of the year, the combined profits of major industrial firms reached 6.98 trillion yuan, marking a year-on-year decrease of 4.4 percent.
However, the rate of decline narrowed by 3.4 percentage points from the first 10 months, showcasing a trend of recovery.
NBS statistician Yu Weining highlighted the continuous recovery of profits among China’s major industrial firms, emphasizing an accelerated pace.
He noted that the equipment manufacturing sector played a pivotal role in driving growth, experiencing a robust 16.2-percent increase in profits in November.
The sector’s performance was attributed to significant advancements in modernizing industrial chains.
Additionally, the raw material production sector showed signs of improvement, contributing to the overall increase in industrial profits.
Profits in the electricity, heat, gas, and water production and delivery companies recorded a substantial 47.3-percent year-on-year increase from January to November.
Yu Weining stated that during the January-November period, 58.5 percent of the 41 industrial categories tracked by the bureau reported an improved profit performance.
He emphasized the need for efforts to expand domestic demand, stimulate business entity vitality, advance new industrialization, and enhance endogenous power to consolidate the sustainable recovery.
