BEIJING—China’s major industrial firms experienced a significant turnaround in the first quarter of this year, with profits increasing by 4.3 percent year on year, according to data released by the National Bureau of Statistics (NBS) on Saturday.
This growth reverses a 2.3-percent decline registered in 2023 and marks the third consecutive quarter of upward momentum. Industrial companies with an annual main business revenue of at least 20 million yuan (about $2.82 million) saw their combined profits reach 1.51 trillion yuan during the first three months.
NBS statistician Yu Weining attributed the positive trend to China’s ongoing efforts to bolster the economy through macroeconomic policies. “As the country continues to step up macroeconomic policies to boost the economy, both market demand and industrial production have further improved, resulting in a sustained recovery in major industrial enterprises’ profits,” Yu noted.
The recovery was broad-based, with 28 out of 41 industrial categories monitored by the bureau recording profit growth. This widespread improvement underscores the resilience of China’s industrial sector amid global economic challenges.
The surge in profits is a promising sign for business professionals and investors interested in Asian markets. It reflects increasing stability and potential growth opportunities within China’s dynamic economy. For academics and researchers, the data provides valuable insights into the effectiveness of China’s economic policies and industrial strategies.
Members of the Asian diaspora and global news enthusiasts can view this development as an indicator of China’s influential role in the region’s economic landscape. Travelers and cultural explorers may also find renewed confidence in exploring China’s destinations, given the nation’s economic recovery.
As China continues to navigate the complexities of the global economy, the sustained growth in industrial profits highlights the country’s commitment to fostering economic development and contributing to global economic stability.
Reference(s):
cgtn.com
