China's major industrial companies are riding a wave of optimism as they report a continuous increase in profits. Shan Zhongde, vice minister of industry and information technology, highlighted this positive trend during a press conference on Thursday.
Private investment in the manufacturing sector surged by 11.9 percent year-on-year in the first quarter of this year, signaling strong confidence among investors. This uptick is a promising indicator for the sector's resilience and potential for sustained growth.
A comprehensive survey encompassing 36,000 key manufacturing enterprises revealed that 76 percent of these companies anticipate their industrial output to either grow or remain steady in the second quarter compared to the previous year. This sentiment underscores the robust outlook that businesses hold for the near future.
The landscape of major industrial enterprises has also expanded, with the number rising to 501,000 by the end of February, an increase of 19,000 from the end of 2023. This growth in enterprise numbers reflects the dynamic expansion and diversification within China's industrial sector.
Financial performance has mirrored this optimism. Between January and February, major industrial enterprises nationwide achieved total profits of 914.1 billion yuan ($128.7 billion), marking a 10.2 percent year-on-year increase, according to the National Bureau of Statistics. This significant profit growth not only reinforces the sector's strength but also contributes positively to China's overall economic stability and growth prospects.
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China's major industrial companies upbeat about business prospects
cgtn.com
