BEIJING – The profits of China’s main industries grew 14 percent year-on-year in the month of April to reach 572.78 billion yuan ($83.5 billion), the National Bureau of Statistics of China said on Saturday.
During the first four months of the year, the profits of the 41 firms surveyed (all with annual revenues of more than $2.92 million) grew 24.4 percent over the same period last year to $332 billion.
This is the highest growth registered in the first third of a year in China since 2012, the agency said, although the figures indicate a slowing down as profits had increased 28.3 percent in the first three months of 2017.
NBS expert He Ping called this slowdown in growth of profits “reasonable” and said the figures continue to show that it is a good time for China’s industry.
Last year, China’s manufacturing sector, which accounts for about a third of the country’s GDP, returned to profit after a poor performance in 2015, aided by a recovery of the real estate sector and state programs to tackle sectors with excess capacity.