Strong Recovery Continues: China’s Industrial Profits Maintain Growth

According to official data released by the Chinese National Bureau of Statistics on Saturday, the combined profits of major industrial companies in China increased for the fifth consecutive month in December 2023.

The data revealed that the profits of major industrial companies, whose annual revenues are not less than 20 million yuan (approximately 2.8 million US dollars), increased by 16.8% year-on-year in December of last year.

According to the Chinese news agency “Xinhua,” the profits of major industrial companies in 2023 amounted to 7.69 trillion yuan, a decrease of 2.3% compared to the previous year, with the pace of decline slowing down by 2.1 percentage points compared to the first 11 months of last year.

The energy, heating, gas, water, and supply sectors showed the best performance last year, with the combined profits recording a significant annual increase of 54.7%. This increase contributed to 3.1 percentage points of the country’s overall industrial profit growth.

Profits in the equipment manufacturing sector increased by 4.1% in 2023, marking a 2.4 percentage point growth rate compared to the previous year.

According to the authority, 27 out of the 41 monitored industrial categories experienced an increase in profits.

(WAM)