The combined profit of major industrial enterprises in China reached 5.23 trillion yuan ($735.41 billion) in the first three quarters, an annual decline of 3.5 percent, according to China's National Bureau of Statistics (NBS).
"This decline has been attributed to a lack of effective demand, falling industrial product prices and a higher comparative base," said NBS statistics Yu Weining.
However, the dynamic new industries represented by high-tech manufacturing experienced rapid growth, with gains in high-tech manufacturing growing 6.3 percent year-over-year and outpacing the average by 9.8 percentage points.
"Although overall industrial profit growth has declined, the resilience of the new industrial dynamic is evident," Yu said, adding that profit growth is expected to recover as expectations stabilize and confidence increases.
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