From January to October, the total profit of industrial enterprises above the designated size reached RMB6.12 trillion, down 7.8% YoY, shrinking 1.2 percentage points from January-September decrease, according to data issued by the National Bureau of Statistics on November 27. In October, the total profit rose 2.7% YoY, achieving positive growth for the third month in a row.

In the first 10 months of 2023, profit of chemical enterprises dropped 42.8% YoY; profit of equipment manufacturing firms grew 1.1% YoY, and made up 35.1% (up 3.1 percentage points YoY) of profit of industrial enterprises above the designated size.