(MENAFN) Official data released on Saturday revealed that profits of China's major industrial firms experienced a 4.3 percent year-on-year increase in the first quarter of this year, signaling a reversal from a 2.3 percent decline recorded in 2023. This growth trend marks the extension of an upward trajectory for three consecutive quarters, as reported by the National Bureau of Statistics (NBS). During the initial three months of the year, industrial firms with an annual main business revenue of at least 20 million yuan (approximately 2.82 million U.S. dollars) collectively amassed profits totaling 1.51 trillion yuan.
According to NBS statistician Yu Weining, the sustained recovery in profits of major industrial enterprises can be attributed to the country's ongoing efforts to bolster the economy through macroeconomic policies. This has led to improvements in both market demand and industrial production. Notably, among the 41 industrial categories monitored by the bureau, 28 witnessed growth in profits during this period.
The high-tech manufacturing sector emerged as a standout performer, reporting robust profit gains with a staggering 29.1
percent year-on-year surge during the January-March period. This marks a stark reversal from the decline of 8.3 percent witnessed in 2023. Additionally, the equipment manufacturing sector, which serves as a significant contributor to the overall growth of major industrial profits, saw its profits expand by 18 percent compared to the previous year. This acceleration in growth pace is notable, considering the sector's modest 4.1 percent growth in 2023.
Further analysis of the data reveals that various sectors, including electronics, auto manufacturing, and consumer goods, also experienced notable growth in profits. This positive performance across multiple industries underscores the broader momentum in China's industrial landscape, driven by improving market conditions and sustained macroeconomic support measures.
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