Official data show that from January to November, profits of industrial enterprises above designated size in China increased by 0.1% year-on-year, lower than the 1.9% growth in January-October.
China's National Bureau of Statistics announced these figures on its official website on Saturday (December 27). The statistical coverage of this data includes industrial corporate entities with annual main business income of 20 million yuan (RMB, 12.67 million ringgit) or above.
Yu Weining, chief statistician of the Industrial Department at the National Bureau of Statistics, said that from January to November, the growth rate of profits for industrial enterprises above the designated size slowed down, but it still continued the growth trend that started in August. Industries driven by new momentum, such as equipment manufacturing and high-tech manufacturing, maintained rapid growth, and the transformation and upgrading of the industrial economy continues to make orderly progress.
Yu Weining said: "Profits of industrial enterprises above the designated size continue the growth trend, and the supporting role of new momentum in the industrial sector has become more apparent. However, we must also recognize that there are still many unstable and uncertain factors in the international environment, the transformation between old and new growth drivers in industry still faces structural adjustment pressure, and the foundation for recovery in industrial enterprise efficiency still needs to be further consolidated."
Yu Weining said: "Profits of industrial enterprises above the designated size continue the growth trend, and the supporting role of new momentum in the industrial sector has become more apparent. However, we must also recognize that there are still many unstable and uncertain factors in the international environment, the transformation between old and new growth drivers in industry still faces structural adjustment pressure, and the foundation for recovery in industrial enterprise efficiency still needs to be further consolidated."
Yu Weining also said that in the next stage, efforts should be made to promote the transformation and upgrading of traditional industries, vigorously foster new productive forces, accelerate the construction of a modern industrial system, and promote the sustained and healthy development of the industrial economy.