Workers produce electric bus on the assembly line of a new energy vehicle plant in Shijiazhuang, north China's Hebei Province, March 24, 2022. (Photo by Li Mingfa/Xinhua)
BEIJING, Nov. 27 (Xinhua) -- Profits of China's major industrial firms declined 3 percent year on year in the first 10 months of the year, data from the National Bureau of Statistics (NBS) showed Sunday.
Industrial firms with annual main business revenue of at least 20 million yuan (about 2.8 million U.S. dollars) each saw their combined profits reach about 6.98 trillion yuan in the period, the NBS said.
The combined revenues of these firms sustained growth during the period, rising 7.6 percent year on year to 111.78 trillion yuan.
A technician checks marine equipment at a workshop in Dongying, east China's Shandong Province, July 18, 2022. (Photo by Liu Zhifeng/Xinhua)
A total of 19 out of 41 major industries saw growth in profits in the January-October period, the NBS said. The oil and gas exploitation sector saw profits jump 1.1 times from the same period last year, while the coal mining and washing industry reported a 62-percent hike in profits.
Senior NBS statistician Zhu Hong noted that despite the overall profit decline, the business profit structure of industrial firms continues to improve, with some firms in the midstream and downstream of the industry chain posting an evident uptick in profit margins.
Employees work at a workshop of a science and technology company in Nanjing, east China's Jiangsu Province, Sept. 16, 2022. (Photo by Fang Dongxu/Xinhua)
This photo taken on Oct. 27, 2022 shows the assembly line of an automobile enterprise in Qingzhou, east China's Shandong Province. (Photo by Wang Jilin/Xinhua)
This aerial photo shows vehicles and mechanical products at a dock of Lianyungang port in east China's Jiangsu Province, Sept. 30, 2022. (Photo by Wang Chun/Xinhua)
People work at a microelectronics company in Ganzhou, east China's Jiangxi Province, March 30, 2022. (Photo by Hu Jiangtao/Xinhua)
