The combined profit of major industrial enterprises in China exceeded 5.86 trillion yuan (about 814 billion U.S. dollars) in the January-October period this year, down 4.3 percent year on year, the National Bureau of Statistics (NBS) said on Wednesday.
In October alone, profits decreased by 10 percent compared to a year earlier, significantly narrowing from a 27.1 percent drop in the previous month.
NBS statistician Yu Weining attributed the improvement to the implementation of existing policies and a package of incremental measures. Industrial production logged steady growth in October, and the decline in corporate profits eased markedly.
More than 60 percent of industrial sectors saw improved profitability in October compared to the previous month, according to the NBS. Among the 41 industrial categories monitored by the bureau, 27 reported faster profit growth, narrower profit declines, or a turnaround from losses to gains in October.
High-tech manufacturing served as an important contributor to this positive trend, with profits growing 12.9 percent year on year. In particular, Yu said that high-end, intelligent and green manufacturing recorded faster profit growth. Profits in wearable smart device manufacturing and lithium-ion battery production surged 73.3 percent and 39.4 percent, respectively.
Equipment manufacturing bounced back to profit growth in October, with the sector posting a 4.5 percent year-on-year increase in profits, according to the NBS.
In addition, profits improved in raw materials and consumer goods manufacturing thanks to supportive policy measures that have led to a steady recovery in domestic consumption and sustained growth in industrial exports, Yu said.
For instance, the steel sector saw profits jump 80.1 percent year on year in October, and the textile and apparel sector posted a profit rise of 44.3 percent.
Moving forward, Yu called for continued efforts to implement supportive measures, consolidate the economic recovery momentum, and promote the steady recovery of industrial profits.
