The Strategist

Profit of China's large industrial enterprises falls by 2.3 per cent in January-September 2022

10/27/2022 - 11:23

The first nine months of 2022 saw profits for China's large industrial businesses of 6.244 trillion yuan, or roughly $864 billion.

Andreas Habich
Andreas Habich
According to figures issued on Thursday by China's State Statistics Office, the amount was down 2.3% from the same period in 2021.

Only 19 out of 41 industries overall witnessed an increase in revenues, while 22 reported a decrease.

Chinese businesses engaged in the extractive industries saw an increase in revenues of 76%, to 1.246 trillion yuan (roughly $172 billion), during the same period. However, manufacturing companies noted a 13.2% decline in profits, to 4.625 trillion yuan (roughly $640 billion), while businesses engaged in the production and transmission of electricity, heat, and gas saw an increase of 4.9%, to 371.25 trillion yuan (roughly $51.3 billion).