BEIJING, April 27 (Xinhua) – Profits of China's major industrial enterprises rose 4.3 percent year-on-year in the first quarter of this year, official data showed on Saturday.
According to the National Bureau of Statistics (NBS), this growth reversed the 2.3% decline recorded in 2023 and continued the upward trend for the third consecutive quarter.
Industrial enterprises with annual revenue of at least 20 million yuan (approximately US$ 2.82 million) from their main businesses achieved a total profit of 1.51 trillion yuan in the first three months.
NBS statistician Yu Weining said that as the country continues to strengthen macroeconomic policies to boost the economy, both market demand and industrial production will further improve, resulting in a sustained recovery in the profits of major industrial enterprises. He said he did.
Of the 41 industry categories monitored by the bureau, 28 categories recorded profit growth.
High-tech manufacturers reported solid profit growth, rising 29.1% year-on-year in the January-March period, reversing an 8.3% decline in 2023.
Profits in the equipment manufacturing sector, which is the biggest contributor to overall major industry profit growth, expanded 18% year-on-year, accelerating the pace of growth from 4.1% in 2023, Yu said.
Breaking down the data, sectors such as electronics, auto manufacturing and consumer goods also showed strong gains.
Mr. Yu said that although industrial profits generally maintain an upward trend, the recovery remains uneven, and that a modernized industrial system is needed to promote large-scale equipment renewal and trade-in of consumer goods. He noted that further efforts are needed to accelerate construction. Aim to expand domestic demand and solidify the foundation for recovery. ■
