China's major industrial firms saw their profits climb by 4.3% year-on-year in the first quarter of 2024, reversing a 2.3% decline earlier in the year. This marks three consecutive quarters of growth, highlighting a sustained economic recovery.
According to data from the National Bureau of Statistics (NBS), industrial companies with an annual main business revenue of at least 20 million yuan (approximately $2.82 million) reported combined profits of 1.51 trillion yuan during the first three months of the year.
NBS statistician Yu Weining attributed the positive results to the country's enhanced macroeconomic policies aimed at boosting the economy. Improved market demand and increased industrial production have contributed to the sustained recovery in profits among major industrial enterprises.
Out of the 41 industrial categories monitored by the bureau, 28 experienced profit growth, underscoring the broad-based nature of the economic improvement.
Reference(s):
cgtn.com
