Chinas Industrial Profits Surge by 15.5% in First Nine Months of 2023
Chinas industrial profits rose 15.5% from January to September 2023, driven by growth in mining and manufacturing sectors.
Beijing, October 27 (Daily Kiran) : China’s industrial sector has shown remarkable growth in 2023, with profits rising by 15.5% in the first nine months compared to the same period last year. According to the National Bureau of Statistics, this increase is attributed to large industrial enterprises, defined as those with annual revenues exceeding 20 million yuan.
The mining industry experienced a profit surge of 38.2%, while the manufacturing sector saw a 17% increase. However, the electricity, thermal power, gas, and water supply industries faced challenges, with profits declining by 14.3%. In September alone, profits for large-scale companies increased by 14.4% year-on-year.
The electronics sector has played a crucial role in this growth, nearly doubling its profits in the first nine months. Additionally, the high-tech manufacturing industry has emerged as a leader, boasting a staggering 52% profit increase during the same timeframe. This segment now accounts for 25.5% of the total profits among large industrial enterprises.
The data reflects a robust industrial landscape in China, highlighting significant contributions from various sectors and signaling a strong economic outlook.
