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The structure of upstream and downstream industrial companies’ profit improved significantly as some commodities’ price decline, with the declines in equipment manufacturing companies’ profit narrowing for four consecutive months and power generation industry’s profit improving further, said the National Bureau of Statistics.
In August, among the 41 industries, 27 industries saw profit growth accelerate from the previous month, decline narrow or turned positive, most of which were middle- or down-stream industries, said the NBS.
China’s electric power sector’s profit improved significantly in August as the growth of power generation has been accelerating to multi-year high by month driven by strong power demand amid continued recovery of industrial production and high-temperature weather, said the NBS.
The power generation sector’s profit fell by 2% year over year in January – August, narrowing by 10 percentage points from the drop in the first seven months of the year, showed NBS data.
Driven by the government policy to boost auto consumption, automobile manufacturing sector’s production and sales accelerated further in August and profit surged by 102% year over year, marking the fastest pace in one year, according to the NBS.
Driven by the lithium-ion battery, solar power equipment and air conditioner industries, the electric mechanical equipment sector’s profit surged by 36.7% on year in Jan – Aug, accelerating by 11.1 percentage points from the first seven months, said the NBS.
Profits in the electronics and instruments/apparatus sectors rose by 22.9% and 21.3%, respectively, both turning positive from declines in the previous month, it said.