China’s large-scale industrial enterprises have just posted their first year-on-year (YoY) profit rise following the economic impacts of the COVID-19 pandemic.
In the month of May industrial enterprises above designated size in China realised total profits of 582.34 billion yuan, for a YoY rise of 6.0%, as compared to a decline of 4.3% in April.
For the period from January to May industrial enterprises above designated size in China achieved total profits of 1.84349 trillion yuan, for a YoY drop of 19.3%, and a deceleration of 8.1 percentage points compared to the period from January to April.
“Enterprises above designated size” (规模以上企业) is a statistical term used in the People’s Republic of China to refer to industrial enterprises with annual main business revenue of 20 million yuan or more.
As of the end of April the total assets of industrial enterprises above designated size was 118.94 trillion yuan, for a YoY rise of 6.4%, while total liabilities were 67.72 trillion yuan, for a YoY rise of 6.6%.