China's industrial firms see profits decline narrow, as economic recovery continues

The profit decline posted by China's major industrial firms narrowed in the January-July period, according to National Bureau of Statistics (NBS) data published on Sunday.

The profits of industrial firms notched up 3.94 trillion yuan ($541.01 billion), which saw a 15.5-percent drop in profits in the first seven months of 2023, narrowing by 1.3 percentage points from the first half of the year.

In July, the revenue of industrial firms declined by 1.4 percent, narrowing by 1.9 percentage points compared to June. NBS statistician Sun Xiao said in a statement that the improved revenue contributes to the ongoing recovery of industrial enterprise profits.

Meanwhile, the profit of the equipment manufacturing industry increased by 1.7 percent in the first seven months period, continuing the growth trend. Among them, the electrical machinery industry has been driven by demand of lithium-ion batteries, as well as household air conditioners, which saw a 33.7-percent increase in profit.

Sun added that China will continue to boost market confidence, stimulate the vitality of business entities, and promote the recovery of the industrial economy.

(CGTN)