Profits of industrial enterprises above designated size in China rose 4.3 percent year on year in the first quarter, up from a 2.3 percent decline in the previous year, according to data released by the National Bureau of Statistics on Monday. From a quarterly point of view, the profits of industrial enterprises have increased for three consecutive quarters, continuing to recover.

Statistics show that the revenue of industrial enterprises continues to recover. In the first quarter, the operating income of industrial enterprises increased by 2.3% year-on-year, the growth rate was 1.2 percentage points higher than that of the previous year, and the revenue in the quarter increased for three consecutive quarters, creating favorable conditions for the continued recovery of corporate profits.

ESM10A Nearly 70% of the industries saw their profits increase. In the first quarter, among 41 industrial categories, 28 industries saw year-on-year profit growth, accounting for 68.3%, an increase of 2.4 percentage points over the previous year.

High-tech manufacturing led industrial profit growth. New quality productive forces have been nurtured and strengthened, new advantages for development have been forged at a faster pace, and profits in high-tech manufacturing have achieved rapid growth. In the first quarter, the profit of high-tech manufacturing industry turned from a decline of 8.3% in the whole year of last year to a year-on-year growth of 29.1%, the growth rate is 24.8 percentage points higher than the industrial average level.

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The equipment manufacturing industry plays the role of “ballast stone” for profit growth. In the first quarter, the profit of the equipment manufacturing industry increased by 18.0% year-on-year, the growth rate was 13.9 percentage points faster than the previous year, and the industrial profit growth was 4.9 percentage points, which was the largest contribution to the industry sector.

Consumer goods manufacturing profits maintained rapid growth. In the first quarter, the profits of the consumer goods manufacturing industry decreased by 1.1% in the previous year to an increase of 10.9%, and the profits in the quarter maintained double-digit growth for three consecutive quarters, which strongly supported the recovery of industrial profits. In terms of industry, among the 13 major categories of consumer goods ESM10A manufacturing industries, 12 industries achieved profit growth, an increase of 4 industries over the previous year.

“Overall, the profits of industrial enterprises in the first quarter maintained a growth trend, but it is also necessary to see that the recovery of corporate profits is still unbalanced, and the foundation for the recovery of industrial enterprises’ benefits is still not solid.” Yu Weining, statistician of the Industrial Department of the National Bureau of Statistics, said that in the next stage, it is necessary to implement large-scale equipment renewal and new policies and measures to replace old consumer goods, accelerate the construction of a modern industrial system, focus on expanding domestic demand, continue to boost the confidence of various business entities, strengthen the recovery of the industrial economy, and promote the continued recovery of the industrial economy.