Sectors driven by high-tech manufacturing have seen rapid growth, demonstrating resilience in the industrial economy, noted NBS statistician Yu Weining.
Several factors have influenced the decline in profit growth rates, including a high year-on-year comparison base since August, weak effective demand, and falling industrial product prices, Yu explained.
In September, profits dropped 27.1 percent compared to the previous year.
The NBS indicated that total profits for major industrial enterprises increased by 575.43 billion yuan from January to September compared to the January-August period.
In the first nine months, profits from high-tech manufacturing industries grew by 6.3 percent year on year, driven by rapid production growth.
This growth rate is 9.8 percentage points higher than the average for major industrial enterprises, contributing 1.1 percentage points to overall profit growth, according to Yu, who highlighted its significant support for industrial profits.
Thanks to efforts to enhance domestic demand, encourage consumption, and stabilize international market demand, profits in the consumer goods manufacturing sector rose by 2.4 percent year on year in the January-September period, adding 0.5 percentage points to the overall industrial profit growth.
Despite the decline in the industrial profit growth rate, the resilience of new industrial growth drivers is clear, Yu stated, adding that with improved expectations among industrial enterprises and rising confidence, a recovery in industrial profit growth is expected.
