China's Industrial Sector Kicks Off 2024 With Momentum
Major Chinese industrial firms reported a 10.2% surge in profits during the first two months of 2024 compared to the same period last year, according to data released Wednesday by the National Bureau of Statistics (NBS). The numbers signal a robust start for the world's second-largest economy amid global market uncertainties.
Companies with annual revenues exceeding 20 million yuan ($2.82 million) collectively earned 914.06 billion yuan in profits, while their total revenue climbed 4.5% to 19.44 trillion yuan. NBS statistician Yu Weining called the growth 'relatively rapid,' highlighting a steady rebound in industrial activity.
Key drivers included equipment manufacturing sectors, which outperformed broader industry trends. Analysts say the growth reflects improving domestic demand and strategic government policies supporting innovation. With factories buzzing and supply chains stabilizing, could this be the spark for a global economic refresh?
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The numbers signal a robust start for the world's second-largest economy amid global market uncertainties.
