China's major industrial firms saw their profit rebound strongly in August, surging 17.2% from a year earlier, in the latest sign of a sustained recovery in the world’s second-largest economy. After a decline of 6.7% in July and an 8.3% fall in June, this robust growth marks the first increase since the second half of 2022, according to data released by the National Bureau of Statistics (NBS).

As the country’s pro-growth policies continued to show their impact, industrial production saw a steady recovery, with the improvement in industrial profit gathering momentum, said NBS statistician Yu Weining.

In the first eight months of the year, the profits of major industrial firms with annual main business revenue of at least CNY 20 million (about US$ 2.79 million) reached CNY 4.66 trillion, down 11.7% year on year, with the pace of decline narrowing by 3.8 percentage points from the first seven months.

The data released further confirmed that the Chinese economy gained significant momentum last month. This was evident through various positive indicators, including strong factory production and improving consumer sentiment.

The following table concludes the performance of textile-related industries.

Source: CHINA TEXTILE LEADER Express