Workers complete assembling an electric vehicle (EV) at China’s EV start-up Leapmotor in Jinhua, East China’s Zhejiang Province on April 1, 2024. The smart EV factory delivered 14,567 new vehicles in March, a yearly increase of 136 percent. Photo: VCG
China’s high-tech manufacturing sector profits saw a 6.3 percent year-on-year increase in the first three quarters of 2024, driven by rapid production growth.
It outpaced the average industrial sector’s profit by 9.8 percentage points, highlighting the sector’s resilience, according to the National Bureau of Statistics (NBS) on Sunday.
High-tech manufacturing profits contributed 1.1 percentage points to the overall profit growth of all industrial enterprises above the designated size.
Within high-end equipment manufacturing, profits in spacecraft and launch vehicle production rose 17.1 percent year-on-year, while profits in specialized semiconductor equipment manufacturing rose 13.2 percent increase, NBS statistician Yu Weining, said in a statement.
Profits in smart manufacturing sectors showed notable growth, with intelligent in-vehicle equipment manufacturing up 27.5 percent, wearable smart device manufacturing up 25.6 percent, and smart unmanned aerial vehicles rising by 10.2 percent.
Due to multiple factors, the overall profits of industrial enterprises above the designated size dropped year-on-year; however, the total profit still exceeded 5 trillion yuan ($702 billion).
From January to September, profits for industrial enterprises above the designated size nationwide totaled 5.228 trillion yuan, marking an increase of 575.43 billion yuan compared to the period from January to August.
However, due to multiple factors, including insufficient market demand, a drop in industrial product prices, and a significantly higher base for the same period last year, the industrial profits saw a year-on-year decline of 3.5 percent, Yu said.
While profits for large-scale industrial enterprises have dropped, the resilience of new industrial drivers has become evident. With market expectations stabilizing and confidence among industrial companies strengthening, there is growing optimism for a recovery in industrial profitability, Yu noted.
Reference Link:- https://www.globaltimes.cn/page/202410/1321929.shtml