Industrial Profits in China Rise by 3.5% in First Half of Year
According to official data released on Saturday, China's major industrial firms achieved total profits of 3.51 trillion yuan ($484.1 billion) in the first half of the year, representing a 3.5 percent increase compared to the same period last year.
TroibNews 
In the first half of the year, China's major industrial companies reported total earnings of 3.51 trillion yuan ($484.1 billion), a 3.5 percent increase from the previous year, as per the latest figures released by the authorities on Saturday.
The growth in profits from January to June was slightly higher by 0.1 percentage point compared to the January-May period, according to the National Bureau of Statistics (NBS).
For the month of June alone, industrial firms with a yearly revenue exceeding 20 million yuan saw a 3.6 percent rise in profits, which was 2.9 percentage points more than the growth in May.
Yu Weining, a statistician from the industrial department at the NBS, stated, "the growth rate of industrial enterprise profits has picked up pace and has been recovering steadily."
"The steady recovery in enterprise revenue has been jointly driven by stable and relatively fast growth in industrial production, and a significant narrowing of the decline in factory prices of industrial products since the second quarter," Yu added.
The equipment manufacturing industry was acknowledged by the NBS for its substantial support in boosting industrial profits.
From January through June, the equipment manufacturing sector saw a profit increase of 6.6 percent year over year, which notably lifted the overall industrial profit growth by 2.2 percentage points.
"The acceleration of China's high-end, intelligent, and green sectors is boosting the vitality of the equipment manufacturing industry, which in turn has supported the overall industrial sector," explained Yu.
Fast growth was also seen in the consumer goods manufacturing sector, spurred by recovering consumer demand and a surge in industrial product exports, according to Yu.
Yu emphasized the necessity of "actively expanding domestic demand, developing new quality productive forces according to local conditions, shaping new dynamics and advantages for development, and continuously promoting the high-quality development of the country's industrial economy."
Sanya Singh for TROIB News
The growth in profits from January to June was slightly higher by 0.1 percentage point compared to the January-May period, according to the National Bureau of Statistics (NBS).
For the month of June alone, industrial firms with a yearly revenue exceeding 20 million yuan saw a 3.6 percent rise in profits, which was 2.9 percentage points more than the growth in May.
Yu Weining, a statistician from the industrial department at the NBS, stated, "the growth rate of industrial enterprise profits has picked up pace and has been recovering steadily."
"The steady recovery in enterprise revenue has been jointly driven by stable and relatively fast growth in industrial production, and a significant narrowing of the decline in factory prices of industrial products since the second quarter," Yu added.
The equipment manufacturing industry was acknowledged by the NBS for its substantial support in boosting industrial profits.
From January through June, the equipment manufacturing sector saw a profit increase of 6.6 percent year over year, which notably lifted the overall industrial profit growth by 2.2 percentage points.
"The acceleration of China's high-end, intelligent, and green sectors is boosting the vitality of the equipment manufacturing industry, which in turn has supported the overall industrial sector," explained Yu.
Fast growth was also seen in the consumer goods manufacturing sector, spurred by recovering consumer demand and a surge in industrial product exports, according to Yu.
Yu emphasized the necessity of "actively expanding domestic demand, developing new quality productive forces according to local conditions, shaping new dynamics and advantages for development, and continuously promoting the high-quality development of the country's industrial economy."
Sanya Singh for TROIB News
