Profits of China’s major industrial firms increased by 4.3 percent year-on-year in the first four months of 2024, according to official data.
Data from the National Bureau of Statistics reported that this growth rate was the same as that registered in the first quarter.
Industrial firms with an annual main business revenue of at least CN¥20 million (around $2.81 million) saw their combined profits reach CN¥2.09 trillion ($288.49 billion) during the January-April period.
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Strong growth in China’s outbound investment
China’s non-financial outbound direct investment reached CN¥343.47 billion ($47.41 billion) in the first four months of 2024, representing an 18.7 percent increase compared to the same period in the previous year.
According to data released by China’s Ministry of Commerce, investment by Chinese companies in countries and regions involved in the Belt and Road Initiative saw a significant surge, rising by 20.4 percent year-on-year to CN¥77.77 billion.
Additionally, the turnover of contracted projects undertaken by Chinese businesses overseas grew by 8.8 percent year-on-year, reaching CN¥313.42 billion between January and April. The contract value of newly-signed projects also increased, growing by 9.3 percent to CN¥444.39 billion.
China’s fiscal revenue declines
China’s fiscal revenue slipped 2.7 percent in the first four months of 2024 from a year earlier, following a 2.3 percent slide in the January-March period, indicating an uneven economic recovery. Fiscal expenditure, on the other hand, rose 3.5 percent in the first four months, versus a 2.9 percent gain in the first quarter, according to data from the country’s finance ministry.
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