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In the First Four Months, China’s Sizeable Industrial Enterprises Saw Profits Drop by 20.6 Percent

The National Bureau of Statistics of China recently released official data on industrial enterprises for the first four months of this year. The total profits of industrial enterprises above a designated size reached RMB 2,032.88 billion (around US$288 billion), a year-over-year decrease of 20.6 percent. Among them, State-owned companies saw a year-over-year profit decrease of 17.9 percent; joint-stock companies had a profit decrease of 22.0 percent; foreign and Hong Kong, Macao and Taiwan-invested companies had a profit decrease of 16.2 percent; and privately-owned companies suffered a decrease of 22.5 percent. During the first four months, the manufacturing industry saw a profit decrease of 27.0 percent and the electricity, heat, gas and water production and supply industry had a profit increase of 34.1 percent. Among the 41 major industrial sectors, the total profit of 13 industries increased year-over-year. One industry was flat, and 27 industries declined. It is notable that the general equipment manufacturing industry profit increased by 20.7 percent and the automobile manufacturing industry profit increased by 2.5 percent. However, the textile industry profit decreased by 30.2 percent, the agricultural and sideline food processing industry profit decreased by 36.3 percent, and the computer, communication and other electronic equipment manufacturing industry profit decreased by 53.2 percent.

Source: National Bureau of Statistics of China, May 27, 2023