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Although the profit growth rate of industrial enterprises in China changed from negative to positive in July, the increasing downward pressure of the economy and the slowing down of market demand mean that the profit of enterprises can hardly be greatly improved. Slow recovery will be the main theme.
Private enterprises'profit growth has rebounded sharply year-on-year, which is a bright spot in the profit data. Perhaps it reflects that the effects of tax cuts, fee cuts, financing costs reduction and business environment optimization are accelerating. In addition, the profit growth rate of consumer goods manufacturing industry has also accelerated significantly.
China's National Bureau of Statistics announced on Tuesday that the total profits of Industrial Enterprises above the scale in July were 512.67 billion yuan, up 2.6% from a year earlier, down 3.1% from last month; profits in January-July were 3497.7 billion yuan, down 1.7% from a year earlier, down 0.7 percentage points from January-June.
"Although the profit growth rate of industrial enterprises changed from negative to positive in July, the downward pressure of the economy is greater, the market demand is slowing down, the price of industrial products is falling, and the volatility and uncertainty of the profits of industrial enterprises still exist. It still needs efforts to promote the steady growth of the profits of enterprises." Zhu Hong, a senior statistician in the Industrial Department of the National Bureau of Statistics, interpreted the profit data.
In addition, it should be noted that in the press release, the Bureau of Statistics has also clearly pointed out that industrial profits are "calculated on a comparable basis", and said that "there are incomparable factors between the data of the reporting period and the data of the same indicators published last year, and the growth rate can not be calculated by direct comparison".
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