China’s major industrial companies are expressing optimism about their business prospects as profits continue to climb, signaling sustained momentum in the world’s second-largest economy. Vice Minister of Industry and Information Technology, Shan Zhongde, highlighted the upbeat sentiment during a press conference on Thursday.
Shan reported that private investment in the manufacturing sector saw a robust growth of 11.9 percent year-on-year in the first quarter of this year. This substantial increase reflects investors’ confidence in China’s industrial expansion and its resilience amid global economic uncertainties.
According to a survey of 36,000 key manufacturing enterprises, 76 percent expect their industrial output to grow or remain stable in the second quarter compared to the same period last year. “This demonstrates a strong belief in the continued growth and stability of our industrial sector,” Shan noted.
By the end of February, the number of major industrial enterprises had risen to 501,000, marking an increase of 19,000 from the end of 2022. This expansion underscores the dynamic development within China’s industrial landscape.
Furthermore, from January to February this year, major industrial enterprises across the nation realized total profits of 914.1 billion yuan (approximately $128.7 billion), representing a 10.2 percent increase year-on-year, according to data released by the National Bureau of Statistics earlier this week.
The continuous growth in profits and investment indicates that China’s industrial sector is maintaining strong performance, contributing significantly to the country’s economic stability and development. Analysts believe that this positive trend is likely to continue, bolstered by supportive government policies and a recovering global economy.
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China's major industrial companies upbeat about business prospects
cgtn.com
