12:43 - 29.07.2024
July 29, Fineko/abc.az. The profit of large industrial enterprises in China grew by 3.5% year-on-year for Jan-Jun, exceeding 3.5 trillion yuans (more than $492 billion), ABC.AZ reports, referring to the Chinese State Statistical Office.
The indicator of companies in the country's manufacturing sector increased by 5% up to about 2.5 trillion yuans (about $350 billion) and in the field of generation and supply of electricity, heat, gas and water by 23.1% up to 396.8 billion yuans ($55.6 billion). However, there was a noticeable decrease in the extractive industry - by 10.3%, up to 615.6 billion yuans ($86.3 billion).
It follows from the published statistics that the largest profit growth in six months was demonstrated by Chinese manufacturers of chemical fiber (127.9%), paper and pulp (104.9%), as well as smelting and rolling plants for non-ferrous metals (78.2%). The most negative dynamics turned out to be in factories that receive fuel by processing hydrocarbons (-192.5%), in manufacturers of ferrous metals (-156.4%) and non-metallic mineral products (-49.9%).
As for other key industries, the profits of Chinese automakers increased by 10.7%, to 237.7 billion yuans ($33.3 billion), suppliers of computer equipment, telecommunications and other electronics - by 24%, to 294.2 billion yuans ($41.2 billion), chemical companies - by 2.3%, to 204.1 billion yuans ($28.6 billion). In the coal mining sector, there was a sharp drop (by 24.8%, to 316.8 billion yuans, or $44.4 billion), while in the oil and gas sector, on the contrary, an increase was recorded (by 7.5%, to 204.9 billion yuans, or $28.7 billion).
Large industrial companies in China include commercial organizations whose profits in one year exceed 20 million yuans (approx. $2.8 million). According to official data, the volume of industrial production in China increased by 3.6% in 2022, and by 4.6% in 2023.
