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China's industrial output increases 6.1% in Q1 2024

17 Apr '24

1 min read

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Insights

China's Q1 2024 industrial output rose 6.1 per cent, with manufacturing up by 6.7 per cent.
High-tech manufacturing soared 7.5 per cent, up 2.6 points from Q4 2023.
March output increased by 4.5 per cent.
Early 2024 profits for major industrial firms hit 914.1 billion yuan (approximately $128.7 billion), a 10.2 per cent year-on-year rise.

China's industrial sector has seen a 6.1 per cent rise in value-added industrial output during the first quarter (Q1) of 2024, according to the latest figures released by the National Bureau of Statistics. The manufacturing sector played a pivotal role in this uplift, witnessing a 6.7 per cent surge in production.

Notably, the high-tech manufacturing sector outpaced overall growth, reporting a 7.5 per cent increase, which is a substantial acceleration from the last quarter of 2023 by 2.6 percentage points.

The momentum continued into March, with industrial output seeing a 4.5 per cent increase compared to the same month last year, according to Chinese media reports.

Furthermore, China's major industrial companies have reported a significant profit boost in the first two months of the year. Earnings reached 914.1 billion yuan, which is approximately $128.7 billion, marking a 10.2 per cent increase from the same period in the previous year.

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