China's Industrial Enterprises See 18.7% Profit Growth in First Half

From January to June this year, China's designated-size industrial enterprises achieved a total profit of CNY (hereinafter the same) 3.9479 trillion, an increase of 18.7% compared to the same period last year.

In the first half of 2024, state-controlled enterprises among designated-size industrial enterprises achieved a total profit of CNY 1.3077 trillion, up 17.9% year-on-year. Shareholding enterprises recorded a total profit of CNY 3.0443 trillion, growing 24.7%. Foreign-funded and Hong Kong, Macao, and Taiwan-invested enterprises achieved a total profit of CNY 887.32 billion, up 2.6%. Private enterprises achieved a total profit of CNY 965.56 billion, an increase of 13.0%.

Yu Weinin, Chief Statistician of the Industrial Department at the National Bureau of Statistics, stated that in the first half, local governments and departments actively implemented proactive macroeconomic policies with precision and effectiveness. By developing new-quality productive forces according to local conditions, industrial production advanced steadily, new growth drivers accelerated, and profits of designated-size industrial enterprises grew rapidly.

However, Yu acknowledged that the external environment remains complex and volatile, international commodity prices are uncertain, and industrial enterprises still face challenges such as insufficient market demand and significant pressure on capital turnover.

Yu emphasized that in the next phase, the decisions and arrangements of the Party Central Committee and the State Council must be fully implemented, adhering to the principle of seeking progress while maintaining stability and tailoring measures to local conditions. Continuous efforts should be made to foster and strengthen emerging and future industries while upgrading traditional industries, promoting a smooth transition between old and new growth drivers, and advancing high-quality development of the industrial economy.