China's industrial production maintained steady progress in the first three quarters of this year, according to data released by the National Bureau of Statistics on Tuesday.
Thanks to a raft of more proactive macroeconomic policies delivering results, profits of major industrial enterprises above the designated size posted relatively fast growth.
Figures show that from January to September, industrial enterprises above the designated size nationwide recorded 106.21 trillion yuan (about 16 trillion U.S. dollars) in operating revenue, up 6.6 percent year on year, unchanged from the January-August reading.
The revenue expansion drove a 15.5-percent year-on-year rise in their total profits, keeping the cumulative growth rate in double digits so far this year, with total profits hitting 6.03 trillion yuan in the first three quarters.
By sector, profits of the mining sector and the manufacturing sector rose 38.2 percent and 17.0 percent, respectively, in the period. Profits surged in sectors including computer, telecommunications and other electronic equipment manufacturing, non-ferrous metal smelting and rolling processing, and chemical raw materials and chemical products manufacturing.
"Since the start of this year, the industrial sector has seen simultaneous positive changes, including rebounding prices, recovering profits and improved efficiency. More favorable factors are emerging to bolster in-depth industrial transformation and profit growth, and the economy is achieving better coordination between effective quality improvement and reasonable quantity growth. Supply and demand in some industries are gradually improving, and a market ecosystem featuring matched supply and demand and premium quality at reasonable prices is moving toward sound development," said Xu Jianwei, director of the industrial office under the National Development and Reform Commission (NDRC)'s Institute of Industrial and Technological Economics.
China’s industrial performance improves as prices, profits, and efficiency rebound
