China: Large Industrial Firms’ Profits Up 0.8% in Q1

The combined profits of China’s large industrial firms rose 0.8% year-on-year in the first quarter of this year.

Data from the National Bureau of Statistics of China today showed that large industrial firms with annual business revenues exceeding 20 million yuan (about $2.78 billion) recorded combined profits of 1.51 trillion yuan in the first quarter of this year.

Profits increased in nearly 60% of China’s major industrial sectors during the period, with 24 of the 41 major industrial categories recording year-on-year profit growth.

The manufacturing sector saw a notable improvement, with profits increasing 7.6% year-on-year between January and March, a 2.8 percentage point increase compared to the first two months.

During the first quarter, the combined business revenues of China’s large industrial enterprises grew 3.4% year-on-year, a 0.6 percentage point increase compared to the first two months.