China's major industrial enterprises see profit growth in Jan-July

China's major industrial enterprises recorded a 3.6 per cent year-on-year (YoY) increase in combined profits during the January-July period of 2024, according to the National Bureau of Statistics (NBS). This marks a slight improvement of 0.1 percentage points compared to the first half of the year.

July's performance was particularly strong, with profits rising by 4.1 per cent compared to the same month in 2023, and showing a 0.5 percentage point increase over June. This marks the second consecutive month of accelerating profit growth.

Out of the 41 major industrial sectors, 21 reported either accelerated profit growth or a reduction in the rate of decline over the first seven months of the year. The consumer goods manufacturing sector stood out, posting a robust 10.2 per cent increase in profits year-on-year (YoY). Among the 13 key consumer goods sectors, 11 experienced profit growth, with eight of them seeing growth rates surpassing 10 per cent, as per Chinese media reports.

ALCHEMPro News Desk (DP)