Guangzhou (JLC), September 29, 2024--Profits of China's major industrial firms increased 0.5% year on year in the first eight months of 2024, slowing down from a 3.6% rise in the first seven months, data from the National Bureau of Statistics (NBS) showed.
The NBS said the slowdown in growth was attributed to insufficient effective market demand, the impact of high temperatures, heavy rains and floods in some regions and a high base a year before.
Industrial firms with an annual main business revenue of at least 20 million yuan saw their combined profits hit 4.65 trillion yuan in the months.
To be specific, China reaped profits of about 3.30 trillion yuan from the manufacturing industry and about 542.73 billion yuan from the electricity, heat, gas and water production and supply industry in January-August, up 1.1% and 14.7% from the same months last year, the NBS data indicated. On the contrary, profits from the mining industry fell 9.2% to 813.28 billion yuan.
In August alone, the country’s industrial profits decreased by 17.8% year on year, reversing a 4.1% rise in July, the NBS data also showed.
