A worker works at a factory of Harbin Electric Machinery Company Ltd of Harbin Electric Corporation in Harbin, Northeast China's Heilongjiang province, Sept 3, 2022. (WANG SONG / XINHUA)
BEIJING – Profits of China's major industrial firms fell 2.1 percent year-on-year in the first eight months of 2022, official data showed on Tuesday.
Industrial firms each with annual main business revenue of at least 20 million yuan (about US$2.83 million) saw their combined profits reach 5.53 trillion yuan in the period, the National Bureau of Statistics said.
The combined revenues of China's major industrial firms sustained a quicker growth pace during the period, rising 8.4 percent year-on-year to 87.89 trillion yuan, the NBS data showed
The combined revenues of these firms sustained a quicker growth pace during the period, rising 8.4 percent year-on-year to 87.89 trillion yuan, the NBS data showed.
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Senior NBS statistician Zhu Hong pointed out the improvement in business profit structure, noting that curbed rising momentum in the prices of some commodities eased pressure on downstream producers.
A total of 16 out of 41 major industries saw growth in profits in the January-August period. The electrical machinery and equipment manufacturing sector saw profits jump 20.9 percent year-on-year and the profits of the manufacturing of chemical raw materials and chemical products rose 5 percent.
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The profits of consumer goods manufacturing have continued to improve thanks to an array of pro-consumption measures by the government to boost market demand, Zhu noted.