The total profit generated by major industrial enterprises in China surpassed 5.86 trillion yuan (approximately $814 billion) during the January to October timeframe of this year, representing a decline of 4.3 percent compared to the same period last year, as reported by the National Bureau of Statistics (NBS).
In October alone, profits fell by 10 percent year on year, a notable improvement from the steep 27.1 percent drop recorded in the previous month, according to China’s News Agency (Xinhua).Â
The NBS indicated that over 60 percent of industrial sectors experienced enhanced profitability in October relative to the prior month, as further noted by Xinhua.Â
High-tech manufacturing emerged as a significant driver of this positive development, with profits rising by 12.9 percent year on year. In particular, the manufacturing of wearable smart devices and lithium-ion batteries saw remarkable profit increases of 73.3 percent and 39.4 percent, respectively.
Moreover, profitability in the raw materials and consumer goods manufacturing sectors improved, bolstered by supportive policy initiatives that have fostered a steady recovery in domestic consumption alongside sustained growth in industrial exports.Â
For example, the steel industry experienced a profit surge of 80.1 percent year on year in October, while the textile and apparel sector reported a profit increase of 44.3 percent.
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