An employee makes a cylinder for a steam turbine at a heavy machinery production facility in Huzhou, Zhejiang province, on Jan 2, 2022. (PHOTO BY YAO HAIXIANG / FOR CHINA DAILY)
BEIJING - Profits of China's major industrial firms expanded at a faster pace in the first quarter of 2022 despite increasing challenges, such as the COVID-19 pandemic, official data showed on Wednesday.
Profits of the firms each with annual main business revenue of at least 20 million yuan ($3.05 million) grew 8.5 percent year-on-year in the January-March period, accelerating from the 5-percent pace recorded in the first two months, said the National Bureau of Statistics (NBS).
China's industrial profits saw steady growth in the period as the country implemented tax and fee cuts, and adopted multiple bailout policies to help relieve enterprises' pressure, said Zhu Hong, a senior statistician with the National Bureau of Statistics
The combined profits of those firms hit 1.96 trillion yuan in the first quarter, the data showed.
China's industrial profits saw steady growth in the period as the country implemented tax and fee cuts, and adopted multiple bailout policies to help relieve enterprises' pressure, said Zhu Hong, a senior statistician with the NBS.
In the first three months, 24 out of 41 industries saw a year-on-year expansion in their profits, while 15 others logged declines.
ALSO READ: China's industrial profits surge but pressures might loom
Combined profits in the sector of coal mining and washing industry jumped by 1.89 times from a year ago, while that in the petroleum and natural gas extraction sector surged by 1.51 times, NBS data showed.
China's efforts in boosting energy supplies and the sharp rise in commodity prices caused by international geopolitical conflicts have lifted the profitability of mining industries, which also pushed up the rapid growth of the overall industrial profits, Zhu said.
Zhu also warned of increasing pressure from imported inflation and sporadic resurgences of COVID-19 in the country, as they have brought challenges to the production and operation of industrial enterprises.
Profit growth in the first quarter slowed by 3.8 percentage points from the fourth quarter in 2021, according to the NBS.
China will continue making efforts to ensure supply and price stability, guarantee smooth logistics, stabilize the industrial chain and supply chain, stimulate the vitality of the market entities, and create more favorable conditions for the sustained and healthy development of its industrial economy, Zhu said.
READ MORE: China's industrial profits sustain growth in first 10 months
Wednesday's data also showed that revenues of those major firms went up 12.7 percent year on year to 31.27 trillion yuan in the first three months.
At the end of March, their assets totaled 144.61 trillion yuan, up 10.6 percent year on year, while their liabilities reached 81.68 trillion yuan, up 10.5 percent. The ratio of liabilities to assets stood at 56.5 percent, unchanged from a year ago.
Finance chief to visit Malaysia, Singapore
China focus in new stage of modernization, opportunities
No let up for world stocks as banking worries persist
European nations violate human rights via climate inaction?
HKEX relaxes listing rules to attract specialist tech companies
Copyright 1995 - 2023. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily. Without written authorization from China Daily, such content shall not be republished or used in any form.
HONG KONG NEWS