China News Service, Beijing, October 27 (Reporter Wang Enbo) The National Bureau of Statistics of China announced on the 27th that in the third quarter, the profits of China's industrial enterprises above designated size increased by 14.3% year-on-year, continuing to maintain double-digit growth; the two-year average growth rate was 15.1%. The speed ratio fell slightly in the second quarter and maintained a good growth overall.
Among them, more than 70% of the industry's profitability exceeded the level before the epidemic.
From January to September, the total profit realized by industrial enterprises was 634.408 billion yuan, a year-on-year increase of 44.7%, an increase of 41.2% from January to September 2019, and an average increase of 18.8% over the two years.
Zhu Hong, a senior statistician at the Department of Industry of the National Bureau of Statistics, said that in the third quarter, China's industrial production continued to recover, profits maintained a good growth trend, corporate performance continued to improve, and profitability, asset-liability ratio and capital turnover continued to improve year-on-year.
Zhu Hong introduced that in the third quarter, among 41 major industries, 29 industries increased their profits compared with the same period in 2019, accounting for 70.7%. The overall performance of most industries was better than before the epidemic.
Among them, there are 18 industries with an average growth rate of 10% or more in the two-year profit.
It is worth noting that the profits of high-tech manufacturing industries have grown rapidly.
In the third quarter, the profit of high-tech manufacturing industry increased by 33.6% year-on-year, and the growth rate was 19.3 percentage points higher than the average level of industrial enterprises above the designated size, showing a significant leading role.
Among them, the pharmaceutical manufacturing industry was driven by factors such as the large domestic and foreign vaccine demand and the booming production and sales of enterprises. The profit in the third quarter increased by 66.8% year-on-year, continuing the rapid growth since the beginning of the year.
The profitability of the mining industry and the raw material manufacturing industry has also expanded significantly.
In the third quarter, the profit of the mining industry increased by 2.04 times year-on-year, and the raw material manufacturing industry increased by 42.5%, continuing to maintain a rapid growth trend, providing important support for the improvement of industrial enterprise profitability.
Among them, driven by factors such as the continuous rise in product prices, the profit of the coal industry in the third quarter increased by 2.72 times year-on-year, and the growth rate was significantly faster than that in the second quarter.
Zhu Hong also reminded that in the third quarter, the profits of industrial enterprises above designated size maintained a good growth momentum, but factors such as high commodity prices and insufficient supply chain industry chains affected the continued recovery of corporate profits. At the same time, the problem of profit imbalance between upstream and downstream industries was more prominent. The foundation for the recovery of industrial enterprise benefits still needs to be further consolidated.