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China’s Industrial profits drop by 2.3% YoY from Jan-Sept 2022

China’s major industrial firms faced a 2.3% year-on-year (YoY) drop in profits during January to September 2022.

China Industrial profit
Figure: The firms recorded a total revenue of 100.17 trillion yuan in the first nine months of 2022 — an increase of 8.2 percent YoY.

According to National Bureau of Statistics (NBS), the country’s industrial firms, which earn a yearly business revenue of a minimum of 20 million yuan, which is around $2.79 million, reflected combined profits of up to 6.24 trillion yuan.

The firms recorded a total revenue of 100.17 trillion yuan in the first nine months of 2022 — an increase of 8.2 percent YoY.

NBS statistician Zhu Hong said, “The performance of industrial firms is gaining recovery momentum as the country’s pro-growth policies are taking effect.”

Out of 41 major industries around 19, showed a jump in profits from January to September 2022, as per NBS data, and the total assets of China’s industrial firms surged by 9.5% compared to that of last year and reached 152.64 trillion yuan.

Moreover, foreign direct investment (FDI) in the Chinese mainland totalled 1.00376 trillion yuan, a growth of 15.6 per cent YoY in the same period.

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