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Market Update: China Total Industrial Profits Remain Robust in January-April
Profits earned by China’s industrial firms increased by 106.1% yoy to CNY 2.59 trillion in January-April 2021, after a 137% surge in the prior period, as economic recovery momentum continued. Profits soared at both state-owned industrial firms (186.8%) and private-sector (89.2%). Among the 41 industries surveyed, 39 saw profit rises. The non-ferrous metal smelting and rolling industry posted the largest gain in profit (484%), followed by ferrous metal smelting and rolling (416%), chemical raw materials (272%), automobile (157.5%), petroleum industry (119%), coal mining and washing (91.5%), communications (86.2%), electrical machinery and equipment (85.8%), special equipment manufacturing (77.7%), and the electricity industry (40.5%). In April alone, industrial profits rose by 57% yoy, slowing sharply from a 92.3% jump in March, amid high commodity prices and weaker performance in the consumer goods sector. source: National Bureau of Statistics of China [/s2If]
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