China's major industries see profit surge in October 2023

Consumer goods manufacturers contributed to this positive trend, with a stable 2.2 per cent profit increase compared to the previous year, continuing their growth for the third month in a row. However, the most significant boost came from the raw material production sector, which saw a remarkable 22.9 per cent surge in profits.

Despite these recent gains, the overall picture for 2023 remains mixed. In the first ten months of the year, these major industrial firms reported a 7.8 per cent decline in profits. However, this represents a narrowing of losses, improving by 1.2 percentage points from the January to September period. Notably, over 70 per cent of the 41 industrial categories monitored by the bureau exhibited improved profitability, indicating a broader recovery across various sectors.

ALCHEMPro News Desk (DP)