China’s Industrial Profits Soar in Early 2024
China’s major industrial firms reported a significant increase in profits during the first two months of 2024, marking a strong start to the year for the world’s second-largest economy. According to data released by the National Bureau of Statistics (NBS) on Wednesday, profits surged by 10.2 percent compared to the same period last year.
Industrial enterprises with annual main business revenue of at least 20 million yuan ($2.82 million) saw their combined profits reach 914.06 billion yuan in January and February. These figures reflect a robust recovery and steady growth trajectory amid global economic uncertainties.
The revenue of these major firms also witnessed a healthy increase, rising by 4.5 percent to 19.44 trillion yuan during the same period. This uptick in revenue and profits suggests strengthened domestic demand and resilient industrial activity across the nation.
“From January to February, the profits of China’s major industrial enterprises registered relatively rapid growth and a steady start,” noted Yu Weining, a statistician from the NBS. The data indicates positive momentum in sectors such as manufacturing, mining, and utilities, contributing to the overall economic expansion.
The impressive profit growth underscores China’s ongoing efforts to stabilize its economy and promote high-quality development. It also reflects the effectiveness of policies aimed at supporting businesses, boosting consumption, and enhancing market confidence.
Analysts believe that continued investment in innovation and technology, coupled with expanding domestic and international markets, will further strengthen China’s industrial sector. However, they also caution about potential challenges ahead, including global supply chain disruptions and fluctuating external demand.
As China navigates the complexities of the post-pandemic landscape, the encouraging performance of its major industrial firms signals a resilient economy poised for sustained growth in 2024.
Reference(s):
cgtn.com
