The Strategist

Large industrial enterprises in China lose 11.7% of profit in January-August

09/28/2023 - 10:17

According to the State Statistics Office (SSO), the overall profits of China's major industrial firms dropped 11.7% from January to August 2023 to 4.656 trillion yuan ($637 billion).

Ohm Raumzeit
Ohm Raumzeit
The SSO defines large businesses as those with yearly revenues of greater exceeding 20 million yuan.

11 out of the 41 industries, including oil refineries, coal, chemical, and metallurgy businesses, saw declines in their profitability.

Large state-owned industrial enterprises' profits dropped 16.5% between January and August, while private companies’ profits fell by 4.6%.

The combined earnings of China's major industrial firms climbed by 17.2% in August.