China’s major industrial firms reported a 3.4 percent year-on-year increase in profits during the first five months of the year, reaching 2.75 trillion yuan (approximately $385 billion), according to data released by the National Bureau of Statistics (NBS) on Thursday.
While the growth rate narrowed from the 4.3 percent increase recorded in the first four months, the period from January to May saw a 0.8 percentage point acceleration compared to January to April, marking two consecutive months of profit growth acceleration.
The statistics cover industrial firms with an annual main business revenue of at least 20 million yuan ($2.81 million). Among the 41 industrial categories monitored by the NBS, 32 sectors, accounting for 78 percent, recorded profit growth. Notably, the equipment manufacturing sector led the surge with an 11.5 percent year-on-year increase, outperforming overall industries by 8.1 percentage points and making the largest contribution to industrial profit growth this year.
NBS statistician Yu Weining noted that the efficiency of industrial enterprises continued to recover from January to May. Yu emphasized the importance of promoting new industrialization, accelerating the development of high-quality productive forces, focusing on expanding effective demand, boosting business confidence, and promoting a sustained recovery of the industrial economy.
The data reflect China’s ongoing efforts to stabilize its industrial sector amid global economic challenges. The government’s focus on innovation, technological advancement, and supportive policies has been instrumental in driving growth, particularly in high-tech and equipment manufacturing industries.
Reference(s):
cgtn.com
