China's industrial profits see accelerated recovery

This photo taken on Feb. 17, 2023 shows robot arms working on a production line at a glass factory in Jiamusi, northeast China's Heilongjiang Province. (Xinhua/Wang Jianwei)

BEIJING, Oct. 27 (Xinhua) -- China's major industrial firms saw their profits continue to recover, with the single-month profits logging double-digit growth for two consecutive months, official data showed Friday.

The profits of major industrial firms with annual main business revenue of at least 20 million yuan (about 2.79 million U.S. dollars) surged 11.9 percent year on year in September, data from the National Bureau of Statistics (NBS) revealed.

The overall third-quarter data, which climbed by 7.7 percent from the same period last year, demonstrated an accelerated recovery momentum of industrial profits, said NBS statistician Yu Weining. This robust growth marks the first increase after falling for five quarters in a row.

Yu attributed the positive momentum of industrial profits to the macroeconomic policy package, which has continued to show their impact on boosting market demand and cranking up industrial production.

In the first nine months of the year, the profits of major industrial firms reported a 9-percent decline, narrowing by 7.8 percentage points from the first half of this year, NBS data showed.