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| Profits at China's industrial firms have extended gains for a fifth consecutive month in December, in a further sign of economic upswing. |
| Data from the National Bureau of Statistics showed on Saturday that industrial enterprises with annual revenue of at least 20 million yuan ($2.8 million) saw their total profits increase 16.8 percent year-on-year in December after a 29.5 percent rise in November. |
| In 2023, firms of industrial firms fell 2.3 percent year-on-year to 7.69 trillion yuan, narrowing from the 4.4 percent drop in the first 11 months, the bureau said. |
| NBS statistician Yu Weining said the data point to a continued recovery trend in industrial profits, adding that more efforts should be made to consolidate the recovery trend and the promotion of high-quality development of the industry. |
| Among the 41 major industrial sectors surveyed, 27 saw year-on-year growth in their profits in 2023. |
| Last year, profits recorded by industrial firms that offer supplies of electricity, heat, gas and water grew by 54.7 percent year-on-year, up from the 47.3 percent rise in the first 11 months. |
| Meanwhile, profits recorded by mining firms and manufacturing companies shrank 19.7 percent and 2 percent, respectively, compared to the 18.3 percent and 4.7 percent contraction in the first 11 months. |
| Notably, profits at equipment manufacturing enterprises rose by 4.1 percent last year, up from the 2.8 percent rise in the first 11 months, NBS data showed. |
| According to a breakdown of the NBS data, State-owned firms saw earnings fall 3.4 percent year-on-year last year. Foreign firms booked a 6.7 percent decline and private-sector companies recorded a 2 percent growth. |
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