A worker on the assembly line of a loader manufacturing enterprise in Qingzhou City, Shandong Province on March 27, 2024. /CFP
Profits of China's major industrial firms increased 4.3 percent year on year in the first quarter of this year, official data showed on Saturday.
The growth reversed a 2.3-percent decline registered in 2023, extending an upward trend for three consecutive quarters, according to the National Bureau of Statistics (NBS).
Industrial firms with an annual main business revenue of at least 20 million yuan (about $2.82 million) saw their combined profits reach 1.51 trillion yuan during the first three months.
NBS statistician Yu Weining said as the country continues to step up macroeconomic policies to boost the economy, both market demand and industrial production have further improved, resulting in a sustained recovery in major industrial enterprises' profits.
Among the 41 industrial categories monitored by the bureau, 28 recorded profit growth.
Freighters load vehicles at a dock in Lianyungang City, Jiangsu Province on March 27, 2024. /CFP
High-tech manufacturing sector reported robust profit gains, which surged 29.1 percent year on year during the January-March period, reversing from a decline of 8.3 percent registered in 2023.
The profits of the equipment manufacturing sector, the largest contributor to the overall major industrial profit growth, expanded 18 percent from a year earlier, with the pace of growth accelerating from 4.1 percent in 2023, according to Yu.
A breakdown of the data showed profits of sectors including electronics, auto manufacturing and consumer goods also posted strong growth.
Yu noted that the industrial profits maintained a general upward trend, but the recovery remained uneven, and more efforts should be taken to promote the large-scale equipment renewals and trade-ins of consumer goods, speed up the building of a modernized industrial system, and expand domestic demand to consolidate the foundation of recovery.
(Source: Xinhua with edits)