Total profits of China's major industrial firms increased 3.4 percent year on year in the first five months of the year, official data showed on Thursday.
The growth rate narrowed from the 4.3-percent increase registered in the first four months of the year, according to the National Bureau of Statistics (NBS).
Industrial firms with an annual main business revenue of at least 20 million yuan (about 2.81 million U.S. dollars) saw their combined profits reach 2.75 trillion yuan during the January-May period.
Among the 41 industrial categories monitored by the bureau, 32 recorded profit growth.
"New policies have been issued recently aimed at reducing costs and renewing large-scale equipment in key areas. With the implementation of various combined policies and the continuous generation of effects, various departments, regions, and sectors have made concerted efforts to create a favorable development environment for businesses. These efforts have also encouraged enterprises to continuously tap into their internal potential and enhance their vitality and competitiveness," said Chen Xi, an associate research fellow at the Academy of Macroeconomic Research of the National Development and Reform Commission.
In the January-May period, the total profits of joint-stock enterprises increased one percent to 2.05 trillion yuan. The profits of enterprises invested by foreign investors as well as Hong Kong, Macao and Taiwan investors totaled 682.78 billion yuan, surging 12.6 percent year on year. The profits of private enterprises grew 7.6 percent year on year to 732.93 billion yuan.
In the first five months, the total profits of the manufacturing industries rose 6.3 percent year on year to 1.93 trillion yuan, while the sectors of electricity, heat, gas and water production and supply realized a total profit of 323.36 billion yuan, up 29.5 percent year on year. The mining industry realized a total profit of 502.45 billion yuan, a year-on-year decrease of 16.2 percent.
The profits of the equipment manufacturing sector continued to increase rapidly in the January-May period.
The combined profits of the sector gained 11.5 percent year on year, said the NBS.
The surge contributed 3.6 percentage points to the country's overall growth in industrial profits, making equipment manufacturing sector the largest contributor, said the NBS.
In this period, the operating revenue of industrial enterprises above designated size registered 53.03 trillion yuan, up 2.9 percent year on year, with the profit margin up 0.02 percentage point to reach 5.19 percent.
China's industrial profits up 3.4 pct in Jan-May
China's industrial profits up 3.4 pct in Jan-May
China's industrial profits up 3.4 pct in Jan-May
In the face of deliberate distortion of the history of the South China Sea, there is an urgent need to re-establish the truth, some Chinese and foreign scholars have proposed.
A workshop on the history and the laws governing the South China Sea was held in Haikou City of South China's Hainan Province on Tuesday, with the attendance of more than 100 experts and scholars from various countries and regions.
At the workshop, experts and scholars conducted in-depth discussions on topics such as the sovereignty of the South China Sea islands, the political and legal implications of the South China Sea historical archives.
In recent times, the Philippines has frequently provoked China on the South China Sea issue. In this regard, the participants clearly pointed out that the South China Sea islands have been China's territory since ancient times and China has indisputable sovereignty over them.
The Chinese people were the first to discover, name and develop these islands and related waters. It was the Chinese administration that first exercised jurisdiction over them - a practice that has continued in a peaceful and effective manner without interruption. China has sufficient historical and legal basis for its territorial sovereignty over the islands and surrounding waters.
Regarding the continuous turmoil caused by the Philippines in the South China Sea, Mark Hoskin, professor of the Department of English and International Affairs at China Foreign Affairs University and member of the London Court of International Arbitration, analyzed that there are economic reasons behind this.
"This is no more than the Philippines doing what for generations it has done - trying to claim more and more maritime territory of the islands. And the reason for that is very simple. About 90 percent of the reefs of the islands off the Philippines have been destroyed, along with the mangrove swamps. So, the main fishery grounds that they relied on traditionally are no longer there," said Hoskin,
On June 14, 2024, the Philippines submitted information to the UN Commission on the Limits of the Continental Shelf on the extent of its undersea shelf in the South China Sea where it sought to have the exclusive right to exploit resources.
Experts and scholars attending the workshop agreed that this unilateral move is aimed at stirring up the South China Sea situation and seeking support from countries outside the region for its illegal claims.
"I believe there are considerations for confirming the arbitration and consolidating the Philippines' illegal gains. Moreover, just like the first 'arbitration award' in 2013, there are underlying factors. I think it's possible that countries outside the region like the United States have given the Philippines advice. This submission caused the tense situation in the South China Sea," said Wu Shicun, president of Huayang Center for Maritime Cooperation and Ocean Governance.
China has reiterated its stance on the Philippines' frequent provocations in the South China Sea, urging the Philippine side to stop infringements and provocations, and misleading the international community.
South China Sea history needs to be told correctly: global scholars
