China’s major industrial firms reported a total profit of 3.51 trillion yuan ($484.1 billion) in the first half of the year, marking a year-on-year increase of 3.5%, according to official data released on Saturday by the National Bureau of Statistics (NBS).
The growth rate is 0.1 percentage point higher than that recorded from January to May, indicating a steady upward trend in industrial profitability. In June alone, profits of industrial enterprises with annual main business revenue of at least 20 million yuan grew by 3.6%, a rate 2.9 percentage points higher than that in May.
Yu Weining, a statistician from the industrial department of the NBS, emphasized the accelerating pace of profit growth. “The growth rate of industrial enterprise profits has picked up pace and has been recovering steadily,” Yu said.
Analysts attribute the steady growth to a combination of supportive government policies and resilient domestic demand. The data suggests that China’s industrial sector continues to rebound despite global economic uncertainties.
The positive performance of industrial firms is seen as a reflection of the Chinese mainland’s broader economic resilience, providing confidence in sustained economic recovery for the remainder of the year.
Reference(s):
cgtn.com
