China’s major industrial firms have reported a 4.3% increase in profits in the first four months of the year, matching the growth rate recorded in the first quarter, according to data released by the National Bureau of Statistics on Monday.
Industrial enterprises with an annual main business revenue of at least 20 million yuan (approximately $2.81 million) saw their combined profits reach 2.09 trillion yuan during the January-April period.
Notably, in April, profits shifted from a year-on-year decrease of 3.5% in March to an increase of 4.0%, indicating a positive turnaround in China’s industrial sector.
This steady growth reflects the resilience of China’s industrial sector amid global economic uncertainties. The consistent profit increase suggests sustained demand and effective management strategies among major industrial firms.
Analysts believe that the sustained growth in industrial profits is a positive sign for both domestic and international investors, highlighting China’s ongoing economic recovery and the potential for future investment opportunities within the country’s industrial sectors.
The growth can be attributed to factors such as increased domestic consumption, government stimulus measures, and continued efforts to stabilize supply chains disrupted by the pandemic. However, the industrial sector still faces challenges, including rising raw material costs and potential global economic headwinds.
The National Bureau of Statistics emphasized the importance of maintaining policy support to ensure continued growth and stability within the industrial sector.
Reference(s):
cgtn.com
