China’s industrial profits slowed in the first 7 months of this year

According to the National Bureau of Statistics (NBS), profits of Chinese industrial enterprises fell 1.1% to 4.89 trillion yuan in the first seven months of this year.

This figure is based on a survey of large industrial enterprises with annual sales of at least 20 million yuan ($2.92 million). The total sales of large industrial enterprises increased by 8.8% to 76.57 trillion yuan in the first 7 months of this year.

According to NBS, the company’s performance in the Chinese industrial sector remains strong, especially in the equipment and automotive sectors. The supply chain and production have resumed normal operations, and the government’s measures to promote consumption, such as lowering taxes on car purchases, have already taken effect.

Last July, profits in the equipment industry rose by 6.8% year-on-year. This was a three-month increase in succession. Automotive production rose by 77.8% in July, a stronger increase than in June (30.1%).

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