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BEIJING, September 28 (TMTPOST) – The total net profits of Chinese industrial enterprises   above the designated scale fell 2.1% year on year to 5.5 trillion yuan ($698 billion) in the first eight months, according to the data released by the National Bureau of Statistics on Tuesday.

The decline in the first eight months of 2022 was narrower compared with a 1.1 percent year-on-year decline in the first seven months.

The total net profits of the equipment manufacturing industry fell 2% year-on-year, comparedw with a 5.7 percent decline in the first seven months. More than 60 percent of enterprises, mostly in the middle and downstream, have seen their profit growth increase from previous months, or the decline in profit growth has shrunk or returned to growth in August.

Industry experts pointed out that, as the scissors difference between the CPI and PPI turns positive, the middle and lower reaches of the industry will continue to recover, which will also further boost the solid development of upstream and downstream industries.

Industrial enterprises maintained revenue growth for the January-August period, and their profit structure improved. In 1-8 months, the business income of the national industrial enterprises above the designated size increased by 8.4% year-on-year. Corporate profits fell 2.1% year on year. With some of the bulk commodity prices falling, industrial enterprise profits upstream and downstream structure improved significantly, the equipment manufacturing industry profit decline shrunk for four consecutive months, and the power industry profits continued to rebound.

Data from the National Energy Administration shows that from June to August, the whole society achieved 4.7%, 6.3%, and 10.7% growth respectively in electricity consumption. The increase continued to expand, especially in August. 852 billion kilowatt hours of electricity was used, an increase of 10.7% year-on-year. The primary and tertiary industries grew by 14.5% and 15.0% year-on-year respectively, exceeding the average growth rate of electricity consumption of the whole society. The growth rate of the secondary industry turned positive, up 3.6% year on year.

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