In August, the profits of industrial enterprises above designated size in China increased by 10.1% year-on-year
In August, the profits of industrial enterprises above designated size in China increased by 10.1% year-on-year, an increase of 31.1% compared to the same period in 2019, with an average growth rate of 14.5% over the past two years. Industrial production remained stable with progress, and the operating conditions of enterprises continued to improve, with profits maintaining a stable growth trend.
The profits of high-tech manufacturing industry continue to grow rapidly. In August, the profit of high-tech manufacturing industry increased by 17.5% year-on-year, 7.4 percentage points higher than the average level of industries above designated size, continuing the good development momentum. Among them, driven by the continued strong demand for COVID-19 vaccine, the profit of the pharmaceutical manufacturing industry increased by 70.5%, maintaining a rapid growth; The profits of aerospace and information chemical manufacturing industries increased by 1.77 times and 86.8% respectively, with growth rates significantly accelerating compared to the previous month.
The mining and raw material manufacturing industries maintain a high growth rate in profits. In August, the profits of the mining industry and raw material manufacturing industry increased by 1.84 times and 39.6% respectively year-on-year, both significantly higher than the average level of large-scale industries; The two-year average growth rates were 58.1% and 36.0%, respectively, with growth rates accelerating by 24.0 and 4.4 percentage points compared to the previous month.
The profits of the consumer goods manufacturing industry have steadily recovered. According to Zhu Hong, a senior statistician at the Industrial Department of the National Bureau of Statistics, in August, the profit of the consumer goods manufacturing industry increased by 14.4% year-on-year, which is 4.3 percentage points higher than the average level of industries above designated size; The contribution rate to the profit growth of industrial enterprises above designated size was 29.5%, an increase of 4.8 percentage points from the previous month, which has strengthened the support for the recovery of industrial enterprise efficiency. In August, the expenses per 100 yuan of operating income for industrial enterprises above designated size were 8.29 yuan, a year-on-year decrease of 0.31 yuan, continuing the trend of continuous year-on-year decline since the beginning of the year, and helping enterprises maintain stable profit growth and continuously reduce losses. At the end of August, the loss area of industrial enterprises above designated size was 20.8%, which decreased by 0.6 percentage points year-on-year and month on month. From January to August, the total profit of 37 out of 41 major industrial sectors increased year-on-year.
Information source: China Government website
