Daily Management Review

Profit of large industrial enterprises in China in January-February grows by 10%


The State Statistics Office (SSO) released a study stating that the total profit of China's major industrial businesses increased 10.2% year over year to 914.06 billion yuan ($126.46 billion) in January-February 2024.

According to the SSO, a major industrial enterprise is defined as one with an annual revenue above 20 million yuan. In 2023, their profits decreased by 2.3 percent.

In the first two months of 2024, state-owned enterprises saw a 0.5% increase in profits, while private corporations saw a 12.7% increase in profits.

Chinese producers of telecommunication, computer, and other electronic equipment saw a more than threefold increase in profits. There was also growth in the non-ferrous metallurgy sector (1.7 times), textiles (1.5 times), power generation (1.7 times), and automotive industry (also 1.5 times).

The production of electrical equipment fell by 2%, the profit of significant coal-industry businesses dropped by 37%, and the agriculture sector's profit fell by 7.3%.

Of the 41 industries, profit increase was observed in 29 during the month of February.

source: news.cn