Chinese Industrial Firms See 15.7% Profit Increase Over Eight Months

Sanaa:China's major industrial firms experienced a 15.7% year-on-year increase in profits during the first eight months of the year. According to Yemen News Agency, data from China's National Bureau of Statistics (NBS) revealed that profits for these major firms, defined as those with annual main business revenue of at least 20 million yuan (around $2.97 million), reached 5.27 trillion yuan from January to August. The mining sector saw a 35.1% rise in profits, totaling 766.15 billion yuan, while the manufacturing sector's profits increased by 17.4% to approximately 3.97 trillion yuan. In contrast, the electricity, heating, gas, and water production and supply sector experienced a 12% decline in profits, amounting to 536.3 billion yuan. Yu Weining, a statistician at the NBS, pointed out that the growth in profits was largely due to the expansion of industrial production and rising industrial product prices. The electronics sector played a significant role, with profits surging 110% year-on-year, accounting for 62% of the total profit growth among industrial firms. This growth was driven by the rapid expansion of new technology applications, particularly those involving artificial intelligence. Yu further explained that the demand for electronic chips has been fueled by emerging applications such as new energy vehicles, the Internet of Things (IoT), and computing centers. This demand significantly boosted profits in the optoelectronic device and discrete semiconductor manufacturing sectors by 72% and 51.8%, respectively. Profits in the high-tech manufacturing sector rose by 54.7% year-on-year from January to August, surpassing the overall growth rate by 39 percentage points. In August alone, profits of major industrial enterprises in China grew by 4.2% compared to the same period last year.