China’s June industrial profits see accelerated growth, lifted by equipment manufacturing

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China's industrial profits in June saw a sustained recovery with accelerated growth as the implementation of various macro policies took effect, the National Bureau of Statistics announced on Saturday.

Data from the NBS revealed that industrial enterprises with annual revenue of at least 20 million yuan ($2.8 million) saw their total profits increased 3.6 percent year-on-year in June, after a 0.7 percent rise in May. 

For the January-June period, China's industrial profits increased 3.5 percent year-on-year, accelerating from a 3.4 percent increase in the January-May period.

NBS statistician Yu Weining said relatively rapid industrial production growth, coupled with a significantly easing in factory-gate price declines from the second quarter onwards, which have promoted a stable recovery of corporate revenue.

Among the 41 industrial categories monitored by the bureau, 32 industries saw year-on-year profit growth over the first half of the year, representing 78 percent of the total industries and maintaining neutrality compared with the January-May period.

The latest data indicated an increase in profitability of industrial enterprises amidst the overall economic recovery. The growth of industrial enterprises remains stable overall, evident not only in traditional sectors but also in the emergence of new industries, showcasing the diversity and resilience of China's economic structure, Zhu Keli, founding director of the China Institute of New Economy, told the Global Times on Saturday.

“It is particularly important to note that the profit growth in the equipment manufacturing and consumer goods manufacturing industries is especially remarkable, indicating changes in market demand and improvements in industrial structure. The rapid expansion of equipment manufacturing can be attributed to the shift toward high-end, intelligent and environmentally friendly production, whereas the growth in consumer goods manufacturing is closely linked to the recovery of domestic consumption and the accelerated increase in exports of industrial products,” Zhu said.

In the first half of this year, the profits of the equipment manufacturing industry increased by 6.6 percent year-on-year, contributing 2.2 percentage point to the country’s overall growth in industrial profits and accounting for over 60 percent of the profit growth of industrial enterprises, according to the NBS. 

Viewed by sector, high-tech products including smartphones, integrated circuits, and new energy vehicles saw rapid production and sales growth, driving profits in the electronics sector up by 24 percent and in the auto sector by 10.7 percent. Meanwhile, the competitiveness of the shipbuilding industry improved significantly, with a rapid growth in orders driving a 36 percent increase in profits in the transportation equipment sector, according to the NBS.

Despite the relatively stable recovery of industrial profits, uncertainty remains over an overall economic recovery, underscoring the importance of ongoing monitoring of industry dynamics to ensure stable growth, Zhu noted. The foundation for improving industrial enterprise efficiency must be further strengthened, as insufficient domestic demand and the complexities of the international environment continue to pose challenges for businesses. 

“Moving forward, it is crucial to persist in implementing relevant policies that focus on expanding domestic demand and fostering the high-quality development of the industrial economy,” Zhu said.

China is rolling out a new series of policies and measures aimed at supporting the nation’s economic recovery. This includes the National Development and Reform Commission and the Ministry of Finance issuing guidelines on Thursday to encourage the replacement of large-scale industrial equipment and older consumer goods with new, more efficient versions. The 300-billion-yuan program will be financed through the sale of ultra-long-term special government bonds.