Chinese industrial profits grow by 1% in January-May 2022

Chinese businesses engaged in the mining industry saw an increase in revenues of 1.31 times, to 708.27 billion yuan ($105.9 billion), during the same time that manufacturing companies saw a decline in profits of 10.8 percent, to 2.56 trillion yuan ($382.5 billion), and businesses involved in the production and transmission of electricity, heat, and gas saw a 24.7 percent decline in revenues, to 174.8 billion yuan ($26.14 billion).

Out of a total of 41 industries, only 16 saw a rise in revenue, 24 saw a decline, and one saw a transition from loss to profit.

Additionally, according to estimations by the statistics office, the first five months of this year saw a 9.8 percent increase in profits for significant state-owned industrial businesses compared to the same period in 2021. Private businesses saw a 2.2 percent decline in profit while joint-stock corporations saw a gain of 7.8 percent.

source: globaltimes.cn