Industrial profits up 10.2% in Jan-Feb

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March 28, 2024

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Industrial profits up 10.2% in Jan-Feb

Source: Xinhua | 00:00 UTC+8 March 28, 2024 |

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Profits of China’s major industrial firms increased 10.2 percent year on year in the first two months of the year, National Bureau of Statistics data showed yesterday.

The figure reversed a 2.3 percent decline registered in 2023, the NBS said.

Industrial firms with an annual main business revenue of at least 20 million yuan (US$2.82 million) saw their combined profits reach 914.06 billion yuan during the period.

Among the 41 industrial categories monitored, 29 recorded profit growth.

The profits of the equipment manufacturing sector continued to increase rapidly in the January-February period.

The combined profits of the sector gained 28.9 percent on year, 24.8 percentage points higher than the growth rate posted in the previous year.

The surge contributed 6.7 percentage points to the country’s overall growth in industrial profits, making equipment manufacturing sector the largest contributor, according to the NBS.

Profits for the consumer goods manufacturing industry recorded relatively fast growth in the first two months, marked by an increase in demand from both home and abroad, with industry profits up 12.9 percent yearly, reversing the 1.1 percent decrease registered last year.

The combined operating revenue of major industrial enterprises rose 4.5 percent on year, 3.4 percentage points higher than the previous year’s annual revenue growth.

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Industrial profits up 10.2% in Jan-Feb

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