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China's industrial profits rise for fifth straight month

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Reference:CGTN | Updated:25 Oct 2020

Profits for China's major industrial companies climbed by 10.1 percent year on year to 646.43 billion yuan (about $96.5 billion) in September, narrowing 9 percentage points from August, National Bureau of Statistics (NBS) data showed on Tuesday.

Monthly profits saw growth for the fifth straight month, as business activities continued to recover from the coronavirus-induced slump.

The production and sales of major industrial companies recovered rapidly, and the supply-demand relationship continued to improve, and profits increased quarter by quarter, said Zhu Hong, a senior statistician at the NBS.

The profits of major industrial enterprises dropped 36.7 percent in the first quarter, and reversed a downturn trend to 4.8 percent in the second quarter, and picked up pace to grow 15.9 percent in the third quarter, according to NBS.

In the third quarter, profit growth of the auto industry rose by 53.8 percent year on year, and the profit of the general equipment manufacturing industry increased by 32.4 percent year on year, NBS data showed.

Weaker industrial profit growth in September was mainly due to changes in industrial product prices and rising expenses, and the narrowing of profit growth in electronics and auto industries also has an impact, Zhu explained.

China's economic recovery gathered pace in the third quarter of 2020, with GDP growth in July-September registering at 4.9 percent from a year earlier, boosted by investment and exports.

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