The Strategist

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

06/27/2022 - 15:55

According to data issued by China's State Statistics Office, the country's large industrial firms made 3.44 trillion yuan ($514.5 billion) in profits in the first five months of 2022, an increase of 1% over the same period in 2021.

Chris via flickr
Chris via flickr
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.