Daily Management Review

State Bureau of China: Profits of large industrial enterprises in China fell by 2.1% in January-August


According to data issued on Tuesday by China's State Statistics Office, the profit of China's big industrial firms in the first eight months of 2022 was 5.525 trillion yuan ($771 billion), a decline of 2.1 percent from the same period in 2021.

eric via flickr
eric via flickr
Chinese businesses involved in the extractive industry saw an increase in profits of 88.1 percent to 1.124 trillion yuan ($156.9 billion) during the same period, while businesses in the manufacturing industry saw a 13.4 percent decline in profits to 4.07 trillion yuan ($569 billion) in the first eight months of 2022.

The revenue of businesses involved in the generation, transmission, and distribution of electricity, heat, and gas decreased by 4.9% to 323.01 billion yuan ($45.07 billion).

Sales increased in just 16 of the 41 industries, while 25 of them suffered reductions.

The statistics office also calculated that, compared to the same period in 2021, the profits of large state-owned industrial businesses increased by 5.4 percent in January through August. Private enterprises' profits fell by 8.3% while those of joint-stock companies climbed by 0.8%.

source: cgtn.com