China's industrial sector, trade reflect robust performance amid economic volatility
Date
7/28/2024 5:00:51 AM
(MENAFN) In the first half of the year, China's major industrial companies saw a notable rise in profits, with a year-on-year increase of 3.5 percent, as reported by the National Bureau of Statistics. The combined profits for these companies, each generating annual revenues of at least 20 million yuan (approximately USD2.81 million), amounted to 3.51 trillion yuan during this period. This growth reflects the resilience and robust performance of China's industrial sector despite various economic challenges. June alone witnessed a 3.6 percent year-on-year increase in profits for these major industrial firms, highlighting a continued upward trajectory.
Parallel to the industrial profits, China's trade sector also exhibited significant growth. The total imports and exports of goods increased by 6.1 percent year-on-year in yuan terms in the first six months of the year, according to data released on Friday. This positive trend in trade is further evidenced by dollar-denominated exports, which surged by 8.6 percent in June following a 7.6 percent rise in May, as reported by China's General Administration of Customs. However, Chinese imports experienced a slight decline of 2.3 percent in June after a 1.8 percent increase in the previous month, indicating some fluctuations in the import sector. Overall, these figures underscore the dynamic and evolving nature of China's economic landscape, driven by strong industrial profits and a robust trade performance.
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