Total profits of major industrial enterprises rebounded in the first quarter, driven largely by strong performance in equipment and high-tech manufacturing industries, an analyst said on Sunday.
In the first quarter of this year, the combined profits of major industrial enterprises reached 1.5 trillion yuan (approximately 207.1 billion U.S. dollars), marking a 0.8 percent year-on-year increase and reversing the continuous decline in accumulated profits seen since the third quarter of last year, according to data released Sunday by the National Bureau of Statistics (NBS).
Meanwhile, the total operating revenue of major industrial enterprises stood at 32.14 trillion yuan (roughly 4.41 trillion U.S. dollars), rising 3.4 percent year on year, the data showed.
Data shows that the equipment manufacturing industry has become an important driver of profit growth, while the high-tech manufacturing industry is leading high-quality development.
In the first quarter, profits in the equipment manufacturing sector increased by 6.4 percent year on year, 1.0 percentage point faster than the growth recorded from January to February. Profits in aviation, spacecraft, and equipment manufacturing, as well as intelligent consumer equipment manufacturing, rose by 23.9 percent and 63.7 percent year on year, respectively.
"In the first quarter of this year, the overall industrial economy got off to a good start, with industrial production maintaining a rapid growth trend and the revenue of industrial enterprises improving. The manufacturing production index and new order index are both rising, indicating that the expansion of supply and demand is accelerating. In particular, products characterized by high technology, high efficiency, and high quality are being continuously developed and applied, which will further accelerate the growth of high-tech industries. This is expected to drive the sustained improvement of enterprise performance," said Chen Xi, assistant research fellow at the Academy of Macroeconomic Research under the National Development and Reform Commission.
China’s total profit of major industrial enterprises rebound in Q1
China’s total profit of major industrial enterprises rebound in Q1
