China's high-tech manufacturing sector profit is increased by 6.3 percent compared to the previous year during the first nine months of 2024, driven by a fast growth in production. Analysts observed that the high-tech sector is still gaining strong momentum, as new high-quality productive forces are consistently becoming stronger.

Data released by the National Bureau of Statistics (NBS) revealed that the figure exceeded the industrial sector's average profit growth by 9.8 percentage points, underscoring the sector's robust resilience.

Profits from high-tech manufacturing boosted overall profit growth of large industrial enterprises by 1.1 percentage points. Profits in spacecraft and launch vehicle production increased by 17.1 percent year-over-year in high-end equipment manufacturing, according to NBS statistician Yu Weining. Additionally, profits in specialized semiconductor equipment manufacturing saw a 13.2 percent rise.

There was significant growth in profits in smart manufacturing industries, with a 27.5 percent increase in intelligent in-vehicle equipment manufacturing, a 25.6 percent increase in wearable smart device manufacturing, and a 10.2 percent increase in smart unmanned aerial vehicles. The earnings of environmentally friendly industries, like lithium-ion battery manufacturing, increased by 58.8 percent.

Yu said that various consumer goods sectors such as textiles, furniture, and food processing have been growing rapidly due to regions and sectors implementing policies to increase domestic demand and consumption, as well as stable demand in international markets.

"Industrial profits in the high-tech and consumer goods sectors maintained relatively fast growth, signaling an improvement in domestic market demand," Zhou Maohua, an economist at China Everbright Bank, told sources.