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In July, the profit growth rate of Industrial Enterprises above the scale of China changed from negative to positive. Among them, the sharp increase of profits in electrical machinery industry, the positive change of profits in chemical industry, and the narrowing of profit decline in petroleum processing and automobile manufacturing industries are the main forces driving the overall profit growth rate. However, the increasing downward pressure of the economy and the slowing down of market demand mean that efforts are still needed to promote stable growth of enterprise profits in the future.
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.
"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.
She pointed out that the profit of private enterprises increased 11.4% year-on-year in July, 9.7 percentage points faster than in June; the profit of consumer goods manufacturing industry increased 10.0% year-on-year, 7.4 percentage points higher than that of all industries above the scale, 6.1 percentage points faster than in June.


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