Chinese industrial enterprises’ profits in H1 2022 hit 4.27 trillion yuan, up 1% y-o-y
Published: Jul 27, 2022 03:19 PM
Workers at a production workshop of Foxconn's technology park in Zhengzhou, Central China's Henan Province on September 4, 2021. The park is a major global smartphone manufacturing base. Photo: VCG

Workers at a production workshop of Foxconn's technology park in Zhengzhou, Central China's Henan Province.  Photo: VCG

Profits of China's industrial enterprises above the designated size reached 4.27 trillion yuan ($631.49 billion) in the first half of 2022, growing one percent year-on-year, the National Bureau Statistics (NBS) said on Wednesday, pointing to positive signs as the latest COVID-19 resurgences is curbed. 

Zhu Hong, a senior statistician from the NBS, noted that domestic industrial enterprises saw a rapid recover in June as industrial chains reopened, making the overall revenue of domestic industrial enterprises reach 65.41 trillion yuan in the first six months of 2022, up 9.1 percent year-on-year. The added value of industry and enterprises' revenue in June was up 3.9 percent and 8.6 percent, respectively. 

Gauging by region, the declining rates of enterprises' profits in eastern and northeastern China narrowed by 6 and 27.1 points to 13.5 percent and 2.7 percent in June, respectively, maintaining a trend toward recovery. 

Enterprises' profits in the Yangtze River Delta grew from 4.6 percent in June, reversing a 17.8 percent decline in May. Middle and western China's enterprises' profits have kept growing, with 14.9 percent and 23.1 percent growth in June, respectively.

Profits of auto manufacturing sector saw 47.7 percent increase in June, helped by the reopening of Northeast China's Jilin Province, and Shanghai, two major auto manufacturing hubs in China. Equipment and electronics manufacturing sectors both saw increase in profits. 

Zhu said that the current resumption of industry showed upbeat sign while the challenges persist, noting that the whole industry should stand firm in line with regulators' series of supportive policies.

Global Times