China’s major industrial enterprises have reported a notable 10.2 per cent increase in profits for the first two months of 2024, according to the latest data from the National Bureau of Statistics (NBS). This positive shift comes after a challenging period in 2023, where these firms experienced a 2.3 per cent dip in profits.
The growth has been recorded across companies generating a minimum annual revenue of 20 million yuan (approximately $2.82 million), with their total profits surging to 914.06 billion yuan ($approximately $126.48 billion) in the early part of the year.
Out of the 41 industrial sectors monitored, 29 have shown profit increments, as per the NBS.
In the first two months of 2024, China’s major industrial enterprises reported a significant 10.2 per cent profit increase, according to the NBS.
This growth, marking a recovery from a 2.3 per cent profit dip in 2023, involved companies with annual revenues exceeding 20 million yuan ($2.82 million), accumulating to 914.06 billion yuan in profits.
Fibre2Fashion News Desk (DP)
