CHINA ECONOMY INDUSTRY

China's industrial firms profits increase in first two months of 2024

epa11246330 A laburer buys items in a grocery shop, in Shanghai, China, 27 March 2024. According to National Bureau of Statistics, China's industrial firms earned CNY 914.06 billion (around 126.5 billion US dollar) in profits during the first two months of 2024, a year-on-year (YoY) increase of 10.2 percent. This growth follows a 2.3 percent drop in 2023, but the Chinese economy is starting to recover thanks to Beijing's support measures. Private sector profits increased by 12.7 percent, while state-owned profits also improved. The computer industry, communications, and other electronic equipment saw the highest profit growth, followed by electricity, non-ferrous metal smelting and rolling, textile, and cars. However, profits declined for the coal mining and washing industry, non-metallic industry, mineral products, special equipment manufacturing, agriculture and food, and electrical machinery. EPA/ALEX PLAVEVSKI

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