Manufacturing sector in China sees 1.3 percent sales revenue growth last month
Date
11/7/2024 8:40:09 AM
(MENAFN) Chinese manufacturing companies reported a 1.3 percent growth in sales revenues in October, reflecting a positive shift in the sector's performance, according to the latest official data. This growth is an improvement of 2.2 percentage points compared to the previous month, signaling a stronger recovery trend. High-tech and equipment manufacturing industries led the way, with sales revenues in these sectors rising by 8.9 percent and 5.1 percent, respectively. These gains were key drivers behind the overall sales growth within the manufacturing sector, indicating improving market confidence.
The data released by the State Taxation Administration also highlights a broader upward trajectory in sales revenues for Chinese companies, with a 1.3 percentage point increase in October from the previous month. This acceleration in revenue growth reflects the effectiveness of government policies aimed at boosting economic vitality, particularly in the context of China’s large-scale efforts to stimulate growth in the face of global economic pressures.
Regions like Zhejiang, Guangdong, Sichuan, and Henan have notably seen faster growth in sales revenues, suggesting a regional spread of the recovery. These provinces, which are home to a significant portion of China’s manufacturing base, appear to be benefiting from a combination of favorable local conditions and national policy support. The results align with recent government initiatives aimed at revitalizing key economic sectors.
In addition, the Chinese government has been implementing various policies to support broader economic growth, including measures aimed at the housing market. At the end of September, new policies were introduced to ease housing purchase restrictions, such as cutting mortgage rates on existing loans and reducing down payment ratios. These measures are designed to stimulate consumer confidence and help stabilize the housing market, further contributing to the economy's overall recovery efforts.
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