Profits totaled 2.75 trillion yuan ($380 billion) in the first five months of the year.
Profits at China’s major industrial companies rose 3.4 percent year-on-year in the first five months of 2024, official data showed Thursday.
The growth rate slowed from the 4.3% increase recorded in the first four months of the year, according to the DNE (National Department of Statistics).
Industrial enterprises with an annual core business revenue of at least 20 million yuan ($2.75 million) saw their combined profits reach 2.75 trillion yuan ($380 billion) during the January-May period.
Among the 41 industrial categories monitored by the authority, 32 recorded profit growth.
Profits in the equipment manufacturing sector continued to increase rapidly during the period.
The sector’s combined profits rose 11.5% year on year, the DNE said.
The increase contributed 3.6 percentage points to the country’s overall industrial profit growth, making the equipment manufacturing sector the largest contributor, it said.
With information from Xinhua.
#Chinas #industrial #profits #rise #JanuaryMay