Data published by the National Bureau of Statistics (NBS) showed that between January and April, industrial profits grew by 4.3% per year after a similar increase in the first three months of 2024. Industrial profit numbers cover firms with annual revenue of at least 20 million yuan from their main operations. The latest result underscored continued efforts by the government to keep a recovery momentum amid persistent challenges. NBS said that industrial profits increased by 4.0% in April, offsetting the March decline (-3.5%).
"As market demand continues to recover, growth in industrial production is accelerating, factory gate price drops are narrowing, and the level of production and sales coordination is improving. These factors are driving the improvement of enterprises’ revenues," said Yu Weining, a statistician from the NBS.
The report also showed that from January to April, the profits of state-owned companies fell by 2.8% per year after declining by 2.6% in the 1st quarter, while profits of private companies rose by 6.4%, accelerating compared to January-March (+5.4%). Meanwhile, the profits of foreign companies rose by 16.7% from January to April 2024.
NBS said earnings of computer, communication and other electric equipment manufacturers surged 76% per year in the first four months of the year, while the profits of general equipment manufacturers rose 6% during the period.