In the first 8 months of 2022, China's leading industrial enterprises' profits fell 2.1% year on year, the National Bureau of Statistics (GSO) of the People's Republic of China said on Tuesday.
According to the agency, during this period, the total profit of the leading industrial enterprises, each of which has an annual income from the main economic activities of at least 20 million yuan (about 2.83 million US dollars), reached 5.53 trillion yuan.
During this period, the operating income of these enterprises increased by 8.4% year on year to 87.89 trillion yuan, maintaining a rapid growth rate, according to the GSO.
GSO Senior Statistician Zhu Hong pointed to the improvement in the profit structure of enterprises, noting that price containment for some goods has eased pressure on manufacturers in the processing industry.
Over the reporting period, 16 out of 41 industrial sectors saw an increase in profits in annual terms. Between January and August, profits in the electrical machinery and equipment sector increased by 20.9% year on year, while this indicator in the chemical raw materials and chemicals industry increased by 5% year on year.
Zhu Hong noted that profits from consumer goods production continue to grow due to the measures taken by the government to increase consumer demand.
