The latest official data points to a sizeable increase in total profits realised by China’s large-scale industrial enterprises, with state-owned enterprises leading growth.
Figures from China’s National Bureau of Statistics indicate that industrial enterprises above designated size posted total profits of 3.63375 trillion yuan in the first half of 2017, for year-on-year growth of 22%, and a growth accelerate of 0.7 percentage points compared to the January-May period.
State-owned share controlled industrial enterprises led profit growth, with total profits of 805.45 billion yuan in the first half a year-on-year increase of 45.8%.
Joint-stock industrial enterprises saw a 23.6% profit increase to 2.56584 trillion, accounting for the mainstay of profits in Chinese industry.
Foreign-invested and Hong Kong, Macanese or Taiwanese owned industrial enterprises posted profits of 865.63 billion for year-on-year growth of 18.9%, while private industrial enterprises saw a gain of 14.8% to reach 1.18875 trillion yuan.
Mining sector profits increased 13.4 fold YoY to reach 243.59 billion yuan, while manufacturing profits rose 18.5% YoY to reach 3.20517 trillion yuan.
In sharp contrast the utilities sector, which includes the generation and supply of power, hearing, gas and water, saw a sharp 28.2%profit decline to 184.88 billion yuan.