Profits of industrial enterprises exceed 5 trillion yuan from January to September
Source Xinhua, Dawn, Arab News, Anadolu and Minute Mirror
The combined profit of major industrial enterprises in China reached 5.23 trillion yuan ($735.41 billion) in the first three quarters, down 3.5 percent year on year, according to the National Bureau of Statistics (NBS).
The decline was attributed to insufficient effective demand, falling prices of industrial products, and a higher comparative base, said NBS statistician Yu Weining.
However, new dynamic industries represented by high-tech manufacturing experienced rapid growth, with profits in high-tech manufacturing rising by 6.3 percent year on year, surpassing the average by 9.8 percentage points.
Although overall industrial profit growth has declined, the resilience of new industrial dynamics is evident, said Yu, adding that profit growth is expected to recover with the stabilization of expectations and an increase in confidence.
Reference Link:- https://news.cgtn.com/news/2024-10-27/Profits-of-industrial-enterprises-exceed-5-trillion-yuan-in-Jan-Sept-1y2wjK1s8gg/p.html
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
