(WNAM Monitoring): China’s major industrial firms saw their profits up by 10.2 percent in the first two months of 2024 from the same period last year, data from the National Bureau of Statistics (NBS) showed Wednesday.
Industrial firms with annual main business revenue of at least 20 million yuan ($2.82 million) saw their combined profits reach 914.06 billion yuan in the period, the NBS said. Meanwhile, the revenue of these firms increased 4.5 percent in the first two months to 19.44 trillion yuan.
From January to February, the profits of China’s major industrial enterprises registered a relatively rapid growth and a steady start up, noted Yu Weining, a statistician from the NBS.
Among the 41 industrial categories monitored by the bureau, 29 recorded growth in profits, according to Yu.
China’s equipment manufacturing industry and the high technology manufacturing industry, as some of the major indicators of the country’s efforts in cultivating new quality productive forces, saw their profits surged 28.9 percent and 27.9 percent year on year, respectively, in the two-month period.
Benefiting from the improvement of domestic and foreign demand, and coupled with the strong impetus brought by the Spring Festival holiday, China’s consumer demand recovered steadily and the profits of the consumer goods manufacturing industry increased by 12.9 percent year-on-year in the first two months, Yu added.
