China will ramp up efforts to continuously implement policy measures for stabilizing the economy in a bid to strengthen a nationwide industrial sector rebound, an official said on Thursday. The country's major industrial firms' revenue grew by 8.2 percent year-on-year while profits fell 2.3 percent year-on-year in the first nine months of the year.
Between January and September, the revenue of China's industrial enterprises above a designated scale sustained an accelerated growth pace at 8.2 percent year-on-year to reach 100.17 trillion yuan ($13.9 trillion), data from the National Bureau of Statistics (NBS) showed on Thursday.
During the recorded period, industrial firms each with annual main business revenue of at least 20 million yuan saw their combined profits reach 6.24 trillion yuan, down 2.3 percent on a yearly basis, according to NBS data.
Thanks to a package of policies, the country's industrial economy has enjoyed an accelerated recovery, with profits gradually improving, senior NBS statistician Zhu Hong said in a note posted on the NBS website. In September, the decrease in major industrial firms' profits narrowed six percentage points compared with August.
Zhu pointed out the improvement in business profit structure, noting that curbed rising momentum in the prices of some commodities eased pressure on downstream producers.
A total of 23 out of 41 major industries saw growth in profits in the January-September period. The electrical machinery and equipment manufacturing sector saw profits jump 25.3 percent year-on-year, quicker by 4.4 percentage points compared with the first eight months.
Between January and September, the drop in the profits of private enterprises and foreign-funded enterprises narrowed by 0.2 and 2.7 percentage points compared with the first eight months. In the meantime, the profits in medium- and small-sized enterprises grew by 1.5 percent year-on-year between January and September, faster by 0.6 percentage points compared with the first eight months, according to the NBS.