Chinese enterprises above designated size and state-owned enterprises have posted robust year-on-year profit growth for the first nine months of 2017.
According to the latest data from China’s National Bureau of Statistics enterprises above designated size saw total profits of 5.584.6 trillion yuan for the first nine months of the year, for year-on-year growth of 22.8% and an acceleration in growth of 1.2 percentage points compared to the first eight months of the year.
Listed state-owned enterprises led profit growth amongst enterprises above designated size, achieving total profits of 1.25774 trillion yuan across the same period, for year-on-year growth of 47.6%.
Collective enterprises saw total profits of 32.34 billion yuan, for YoY growth of 4.3%, joint-stock companies saw total profits of 3.9096.7 trillion yuan, for YoY growth of 24.6%, while foreign-invested and Hong Kong, Macau and Taiwan-invested enterprises posted total profits of 1.35143 trillion yuan, for year-on-year growth of 18.5%.
Profit growth lagged for private enterprise, rising 14.5% YoY to reach 1.82859 trillion yuan in total.
Out of a total 41 industry categories, 39 saw year-on-year increases in total profits for the first nine months of the year, led by the coal extraction and processing sector, which posted a 7.2 fold increase in profits compared to the same period last year.
Other industry categories that saw strong profit growth include manufacturing, with a YoY increase of 19.6% to reach 4.89843 trillion yuan; processing of petroleum and nuclear fuel (38.4%), chemical raw materials and chemical product manufacturing (37.9%), non-ferrous metal smelting and processing (47.1%) and non-metal mining products (24.6%).
Other forms of specialised or high-end manufacturing saw more modest profit increases, including general equipment manufacturing (15.8%), specialist equipment manufacturing (24.5%), automobile manufacturing (10.3%), electrical machinery and equipment (8.8%), and computers, communications and other electrical equipment manufacturing (17.6%).