China's industrial profits up 10.2% in first 2 months

BEIJING -- Profits of China's major industrial firms increased 10.2 percent year-on-year in the first two months of the year, data from the National Bureau of Statistics (NBS) showed Wednesday.

The figure reversed a 2.3 percent decline registered in 2023, the NBS said.

Industrial firms with an annual main business revenue of at least 20 million yuan (about $2.82 million) saw their combined profits reach 914.06 billion yuan during the period.

Among the 41 industrial categories monitored by the bureau, 29 recorded profit growth.

The profits of the equipment manufacturing sector continued to increase rapidly in the January-February period.

The combined profits of the sector gained 28.9 percent year-on-year, 24.8 percentage points higher than the growth rate registered in the previous year.

The surge contributed 6.7 percentage points to the country's overall growth in industrial profits, making equipment manufacturing sector the largest contributor, said the NBS.

Profits for the consumer goods manufacturing industry recorded relatively fast growth in the first two months of the year, marked by an increase in demand from both home and abroad.

During the period, the industry's profits increased 12.9 percent year-on-year, reversing the 1.1 percent decrease registered last year.

The combined operating revenue of major industrial enterprises increased by 4.5 percent year-on-year, 3.4 percentage points higher than the annual revenue growth of the previous year, said the NBS.