Revenues at China’s major industrial firms rebounded from a decline and posted year-on-year growth of 0.6% in March, reversing continuous year-on-year declines since November, official data showed on Thursday.
The revenue growth was driven by improving macroeconomic conditions and recovering market demand, said Sun Xiao, a statistician with the National Bureau of Statistics (NSO).
Along with revenue growth, the profits of industrial companies have also improved. The profits of the main industrial companies decreased by 19.2% year-on-year in March, 3.7 percentage points less than in the January-February period.
The equipment manufacturing industry experienced the most significant improvement in profitability, contributing the most to overall industrial sector profit growth.
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Meanwhile, the auto manufacturing sector saw profit growth of 9.1% as market demand heated up and production picked up.
Sun said the effect of policies aimed at expanding domestic demand and promoting consumption continued to take effect in March, resulting in improvements in profitability in seven out of 13 consumer goods manufacturing sectors, compared with the first two months of the year.
From January to March, the total profits of major industrial enterprises reached 1.5 trillion yuan (219 billion US dollars), down 21.4% year-on-year.
Sun warned that the global decline in profits of industrial companies remains significant and that more efforts should be made to improve market demand and boost business confidence.
Article republished from the Chinese state media CGTN within the framework of an agreement between both parties to share content. Link to the original article:https://news.cgtn.com/news/2023-04-27/China-s-March-industrial-revenue-bounces-back-to-growth-1jlms09o7Bu/index.html
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