The Strategist

Large industrial enterprises in China add 4.3% to profit in Q1

04/29/2024 - 03:36

According to a report by the State Statistics Office (SSO), the combined profit of China's major industrial businesses surged by 4.3% on an annual basis to a total of 1 trillion 505.5 billion yuan in the first quarter.

Dave Steadman
Dave Steadman
The SSO defines large industrial businesses as those with yearly revenues of more above 20 million yuan ($2.82 million).

Between January and March, state-owned businesses' profits decreased by 2.6% while those of private businesses increased by 5.8%.

Chinese producers of telecommunication, computer, and other electronic equipment saw a 1.8-fold increase in profits. Other industries that saw growth were oil and gas (up 3.8%), non-ferrous metallurgy (up 57.2%), automobiles (up 47.5%), and power generation (up 47.5%).

Concurrently, the profit margin for companies in the coal industry dropped by 33.5%, while chemical makers saw a 3.5% decline. 

Out of 41 industries in the PRC, 28 reported higher overall profits in the first quarter.