Beijing, (TDI): China’s industrial profits recorded a modest 0.5 percent year-on-year growth in the first eight months of 2024, driven primarily by high-tech manufacturing sectors such as lithium-ion batteries and semiconductors, according to data released by the National Bureau of Statistics (NBS).
Despite challenges posed by extreme weather conditions and a high-base effect, the high-tech manufacturing sector registered a robust 10.9 percent growth, contributing significantly to the overall performance.
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NBS statistician Yu Weining noted that new momentum industries have been pivotal in sustaining profit growth since the beginning of the year.
Overall Growth Rate
However, natural disasters, including heat waves and floods, along with subdued market demand, have tempered the overall growth rate, Yu added.
Economist Tian Yun pointed out the need to stimulate domestic demand in the wake of these challenges.
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He anticipates further fiscal policy support in the fourth quarter as China aims to bolster its economic trajectory.
