Manufacturing News

Industrial enterprises record profit in first 10 months

Profits at China's industrial companies rose 0.7 percent year-on-year in the first 10 months, turning positive for the first time this year and compared with 2.4 percent slide in the first nine months, the National Bureau of Statistics said on Friday.

Profits in October surged 28.2 percent year-on-year to 642.91 billion yuan ($97.72 billion), 18.1 percentage points higher than that in September, the NBS data showed.

For the January-October period, industrial profits reached 5 trillion yuan.

Zhu Hong, a senior statistician at the NBS, attributed the positive growth in the first 10 months to Chinese government's effective measures to prevent and control the COVID-19 epidemic, improving market supply and demand as well as continuous recovery of production and operation.

Among the 41 industries surveyed, 25 sectors saw a year-on-year growth during the first 10 months. Among them, 12 sectors witnessed a double-digit growth.

Zhu said some major industries have benefited from a profit recovery in the January-October period including equipment manufacturing, automobile manufacturing and consumer goods manufacturing.

The NBS data showed that January-October equipment manufacturing and consumer goods manufacturing posted profits growths of 9.6 percent and 4.8 percent, respectively, 0.8 percentage point and 0.4 percentage point higher than that of the first nine months.

Zhu spoke highly of China's strong economic rebound in terms of industrial profits growth, saying more efforts are also needed to promote the healthy development of industrial firms.

"It should be noted that the growth of industrial enterprise's accounts receivable is on the rise and the pressure on cash flow has also increased, which is not conducive to the continuous recovery of enterprises production and operation,"Zhu said.

In the next step, Zhu said more efforts should be made to ensure "six priorities" and stability in six areas for steady economic momentum and build new development pattern which looks at the domestic market as the country's economic mainstay with domestic and foreign markets complementing each other.

"We should further boost domestic demand, continue to stimulate market players' vitality and unleash the consumption potential," Zhu added.

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