Profit of designated Chinese industrial firms rises by 8.5% in Q1 2022
The total profit of Chinese industrial enterprises above a designated size was 1,955.57 billion yuan between January and March, a year-on-year (YoY) rise of 8.5 per cent. Among industrial enterprises above a designated size, state-owned holding enterprises achieved a total profit of 706.85 billion yuan during the same duration, an YoY rise of 19.5 per cent.
In the same period, Chinese joint stock enterprises witnessed a total profit of 1,439.63 billion yuan, an increase of 14.4 per cent; the total profits of foreign-invested enterprises and enterprises invested by Hong Kong, Macao and Taiwan reached 470.75 billion yuan—down by 7.6 per cent; and the total profit of private enterprises was 533.15 billion yuan—an increase of 3.2 per cent.
From January to March, the total profit of the country’s manufacturing industry was 1,473.81 billion yuan—down by 2.1 per cent, according to official data.
Among 41 major industrial industries, the total profits of 24 industries increased YoY, 15 industries decreased, one industry reduced losses and one industry was flat.
The profits of chemical raw materials and chemical products manufacturing industry increased by 18.4 per cent, the textile industry increased by 14 per cent in the first quarter this year.
Fibre2Fashion News Desk (DS)