China’s high-tech manufacturers posted an 18.9 percent profit jump in July, helping lift overall industrial performance despite continued pressure on traditional sectors, reports the Global Times citing official data.
Figures released by the National Bureau of Statistics (NBS) on Wednesday revealed that the country’s major industrial enterprises – those with annual revenues above 20 million yuan (US$2.8 million) – generated 4.02 trillion yuan (US$555.24 billion) in combined profits between January and July, down 1.7 percent year-on-year.
Losses, however, narrowed for a second consecutive month: July’s 1.5 percent drop was 2.8 percentage points less than June’s.
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Profits in various high-tech sub sectors surged considerably in July, with integrated circuit manufacturing soaring by 176.1 percent year-on-year. Profits in aerospace, aviation and related equipment manufacturing climbed 40.9 percent. Semiconductor device-specific equipment manufacturing was up by 104.5 percent, while discrete device manufacturing rose by 27.1 percent.
The rebound marked a sharp turnaround from June, when high-tech manufacturing recorded a 0.9 percent overall decline.
Small and medium-sized firms also showed signs of revival. Profits at medium-sized enterprises swung from a 7.8 percent decline in June to 1.8 percent growth in July, while small enterprises returned to positive territory with 0.5 percent growth.
