In the January-October period this year, of the 41 industrial sectors in China, 25 witnessed year-on-year increases in gross profit, while 16 saw decreases in gross profit, as announced by China's National Bureau of Statistics (NBS). In the given period, the ferrous metal smelting and rolling sector recorded gross profits of RMB 183.56 billion ($28 billion), declining by 12.9 percent year on year, 5.8 percentage points slower than the decrease recorded in the first nine months of the current year.
The automotive sector recorded gross profits of RMB 421.15 billion ($64 billion) in the first ten months of the current year, up 6.6 percent year on year, 3.6 percentage points faster than the rise recorded in the first nine months this year.
At the same time, the ferrous metals mining and dressing sector, the metal manufacturing sector and the railway, shipping, aerospace and other transportation equipment manufacturing sector recorded gross profits of RMB 30.33 billion ($4.6 billion), RMB 120.54 billion ($18.3 billion) and RMB 45.49 billion ($6.9 billion), up 46.4 percent, 2.3 percent and 1.5 percent year on year, respectively.
In the January-October period this year, the aggregate gross profit of large and medium-sized industrial enterprises in China amounted to RMB 5.01242 trillion ($0.76 trillion), up 0.7 percent year on year, shifting from a year-on-year decline of 2.4 percent recorded in the first nine months this year.
Zhu Hong, senior statistician of the industrial division of the NBS, stated that in the first ten months this year the profitability of the raw material manufacturing industry improved significantly amid the continuous pick-up in demand from downstream users, contributing to the slower year-on-year decline in the ferrous metal smelting and rolling sector.
$1 = RMB 6.5755