Industrial firms see surge in profits

Profits of China’s industrial firms rose 8.5 percent year-on-year in the first quarter, the National Bureau of Statistics said on April 27, suggesting a steady start for the industrial economy this year.

Experts said the steady growth was mainly aided by bigger profits reported by upstream companies from rising energy and raw material prices, while some midstream and downstream firms still face mounting pressure and difficulties.

In the January-March period, industrial firms’ bottom line growth rate was 3.8 percentage points lower than that in the fourth quarter of 2021, the NBS said.

Industrial firms’ profits reached 1.96 trillion yuan ($300 billion) in the first three months, and the pace of profit growth quickened from a 5.0 percent gain reported in the first two months.