BEIJING, Oct. 27 (Xinhua) — The combined profit of China’s major industrial enterprises reached 5.23 trillion yuan (US$735.41 billion) in the January-September period, down 3.5 percent from the previous year, announced the National Bureau of Statistics (NBS). ) said Sunday.

Meanwhile, the new boost industries represented by high-tech manufacturing experienced rapid growth. NBS statistician Yu Weining said this demonstrates the resilience of industrial economic development.

Many factors contributed to the decline in profit growth rates of industrial enterprises, including a sharp increase in the annual comparison base since August, insufficient effective demand and falling prices of industrial products, Yu said.

In September alone, profits fell 27.1 percent year-over-year.

According to the SNB, the total profits of large industrial enterprises increased by 575.43 billion yuan from January to September, compared with the January to August period.

During the first nine months, driven by rapid production growth, the profits of high-tech manufacturing industries increased by 6.3% compared to the previous year.

Yu said this growth rate was 9.8 percentage points higher than the average level of large industrial enterprises, contributing 1.1 percentage points to overall profit growth. This performance significantly supported industrial profits.

With solid efforts to expand domestic demand, promote consumption and stabilize international market demand, the profits of the FMCG industry rose 2.4% year-on-year in the January-September period, contributing 0.5 percentage points to global industrial profit growth.

The resilience of new industrial growth drivers is evident, although the growth rate of industrial profit has slowed, Yu said, adding that with the stabilization of industrial enterprise expectations and an increase in confidence, industrial profit growth is expected to recover.