China's major industrial firms have seen their profits increase by 3.4 percent year-on-year in the first five months of 2023, according to the National Bureau of Statistics (NBS). This growth, while slightly lower than the 4.3 percent rise recorded in the first four months, indicates a resilient industrial economy.
Despite the narrower growth rate, the profits accelerated in the May period, with enterprise profits growing 0.8 percentage points higher than the previous month for two consecutive months. During January-May, industrial firms with an annual main business revenue of at least 20 million yuan ($2.81 million) amassed a combined profit of 2.75 trillion yuan.
Among the 41 industrial categories monitored by the bureau, 32 recorded profit growth, accounting for 78 percent of the total. Notably, the equipment manufacturing sector drove this increase with an impressive 11.5 percent year-on-year growth. This sector's performance was 8.1 percentage points higher than the overall industrial growth, making it the largest contributor to industrial profit growth this year.
NBS statistician Yu Weining commented on the positive trend, stating, \"Overall, the efficiency of industrial enterprises continued to recover from January to May.\" Looking ahead, Yu emphasized the importance of promoting new industrialization, accelerating the development of new quality productive forces, focusing on expanding effective demand, boosting business confidence, and fostering a sustained recovery of the industrial economy.
Reference(s):
cgtn.com
