2024-07-28 23:48:33
Profits of China’s major industrial firms rose 3.5 percent year-on-year in the first six months, up from 3.4 percent growth in the first five months, official data from the State Bureau of Statistics showed on Saturday, as cited by Radio China.
The rapid development of smart, green and high-end manufacturing has led to 6.6% year-on-year profit growth in the equipment manufacturing sector. Consumer goods manufacturing reported a 10% increase in profit over the same period.
Analysis of the data indicated that weak domestic demand continued to limit improvement in corporate earnings, while a complex international environment increased operational pressures on companies.
Looking ahead, China should focus on expanding domestic demand, developing new quality manufacturing forces and fostering new growth engines to support the industry’s recovery, the analysis further stated.