Guangzhou (JLC), April 28, 2024 – Profits of China's major industrial firms increased 4.3% year on year in the first quarter of the year, data from the National Bureau of Statistics (NBS) showed on April 27.
The growth reversed a 2.3% decline registered in 2023, the NBS said.
Industrial firms with an annual main business revenue of at least CNY20 million saw their combined profits reach about CNY1.51 trillion during the first three months of 2024.
In breakdown, the mining industry saw total profits of CNY296.17 billion in Q1, dropping 18.5% year on year, the NBS said. However, the manufacturing sector boosted its profits by 7.9% year on year to about CNY1.02 trillion in Q1. Profits from the electricity, heat, gas and water industries gained 40% year on year to CNY192.12 billion in Q1.
The growth was primarily driven by the high-tech manufacturing sector, said Yu Weining, an NBS statistician. The profits from the high-tech manufacturing sector jumped 29.1% year on year in Q1, the NBS data showed.
