In July, The Profit Of Industrial Enterprises Increased By 2.6% From Negative To Positive.

The National Bureau of Statistics announced on the 27 th that in July, the total profit of Industrial Enterprises above designated size increased by 2.6% over the same period last year, while this figure dropped by 3.1% in June, and the growth rate of profits rose from negative to positive. From 1 to July, the cumulative profit decreased by 1.7% compared with the same period last year, a decrease of 0.7 percentage points from 1 to June.

Hong Zhu, a senior statistician of the National Bureau of statistics, analyzed that petrochemical, electrical machinery and automobiles were the main industries that drove profit growth from negative to positive. In July, the profit of the oil processing industry dropped by 28.1% compared with the same period last year, but the decline was narrowed by 49.3 percentage points compared with June. The profit growth of the electrical machinery industry increased by 30.8% and the growth rate was 26.6 percentage points faster than that in June. The profit growth of the chemical industry increased by 3.2%, while that of June decreased by 14.7%. The above 4 industries combined affect the profit growth of all industrial enterprises above Designated Size, up 5.3 percentage points from June.

The profit growth rate of consumer goods manufacturing industry also accelerated significantly in July. In July, the profit of the consumer goods manufacturing industry increased by 10% over the same period last year, and the rate of increase was 7.4 percentage points higher than that of all scale industries, 6.1 percentage points faster than that in June. The profit growth rate of equipment manufacturing industry has shifted from negative to positive.

Of particular concern is that private sector profit growth has rebounded sharply. In July, private sector profits grew by 11.4% over the same period last year, and the growth rate was 9.7 percentage points faster than that in June. In the end of 7, the turnover of finished product inventory in Industrial Enterprises above designated size was 17.2 days, a decrease of 0.2 days compared with the same period.