The total profits of national-scale industrial enterprises in China for the January to May period has risen over 22% compared to the same period last year.
The latest figures from China’s National Bureau of Statistics indicates that national-scale industrial enterprises saw profits of 2.90476 trillion yuan for the period from January to May, for a year-on-year increase of 22.7%.
State-owned industrial enterprises saw total profits of 652.04 billion yuan during the period, for a YoY increase of 53.3%, while share-controlled enterprises saw total profits of 2..0495 trillion yuan, for a YoY increase of 24.7%.
Collective enterprises posted a 4.4% year-on-year increase to 17.94 billion yuan, while foreign-invested or Hong Kong, Macanese and Taiwanese firms posted profits of 711.28 billion yuan for YoY growth of 18.9%.
Private enterprise saw total profits of 961.13 billion yuan, for YoY growth of 14%.
When broken down by sector, mining profits were 203.31 billion yuan in total for the January-May period, for YoY growth of 79.%, while manufacturing posted net profits of 2.55228 trillion yuan for a YoY increase of 18.6%.
Out of 41 industry sectors a total of 38 saw year-on-year gains in total profits while only three posted declines, including electricity and thermal power, whose profits fell 35.9% YoY.