Home Business China’s industrial profits up 4.3% in January-April

China’s industrial profits up 4.3% in January-April

0

Profits of China’s major industrial firms increased 4.3 percent year on year in the first four months of the year, official data showed Monday.

The growth rate was the same as that registered in the first quarter, according to the National Bureau of Statistics.

Industrial firms with an annual main business revenue of at least 20 million yuan (about $2.81 million) saw their combined profits reach 2.09 trillion yuan during the January-April period. In April, the profits of major industrial firms shifted from a year-on-year decrease of 3.5% in March to an increase of 4.0%.

“As market demand continues to recover, growth in industrial production is accelerating, factory gate price drops are narrowing, and the coordination between production and sales is improving. These factors are driving the improvement of enterprise revenues,” said Yu Weining, NBS statistician, on Monday.

In April, the operating income of industrial enterprises increased by 3.3 percent year on year, a significant turnaround from the 1.2 percent drop in March, Yu said.

Over 70 percent of total industries realized a positive growth in profits compared to the same period last year.

The equipment manufacturing industry continued to play a supporting role. From January to April, the profit of the equipment manufacturing industry increased by 16.3 percent year on year, marking the largest contribution of the industrial sectors. In particular, electronics manufacturing was driven by the release of product demand and the rapid growth of output, with profit increasing by 75.8 percent.

The promotion of high-end, intelligent and green manufacturing, the cultivation and growth of new quality productive forces and the superposition of policy effects have jointly promoted the rapid growth of equipment manufacturing industry profits.

Overall, the profits of industrial enterprises recovered steadily from January to April. Looking ahead, efforts need to be made in accelerating the development of new quality productive forces, industrial quality upgrading and expanding effective demand, Yu added.

CGTN
+ posts