Profits rise for China's major industrial firms in Q1 2024

29 Apr '24

1 min read

Profits rise for China's major industrial firms in Q1 2024

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Insights

China's major industrial companies saw profits increase by 4.3 per cent in Q1 2024, rebounding from a 2.3 per cent decline in 2023.
Enterprises generating over 20 million yuan (~$2.82 million) in revenue totalled profits of 1.51 trillion yuan (~$208.39 billion).
Notably, 28 out of 41 industrial sectors, including consumer goods, reported profit growth.

China's major industrial companies have recorded a significant profit increase of 4.3 per cent in the first quarter (Q1) of the year, marking a robust recovery from a 2.3 per cent decline in 2023, according to the National Bureau of Statistics (NBS) on Saturday.

The data encompassed industrial enterprises each generating annual revenues exceeding 20 million yuan (approximately $2.82 million), with their total profits reaching 1.51 trillion yuan (approximately $208.39 billion) over the initial three months of the year.

The performance improvement was widespread across various sectors, with 28 out of the 41 industrial categories tracked by the bureau experiencing profit growth. Notably, sectors such as consumer goods were among those showing strong profit increases, according to Chinese media reports.

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