China’s industrial profits rise 10.2% in Jan-Feb

By Thomson Reuters Mar 26, 2024 | 8:37 PM

BEIJING (Reuters) – Profits at China’s industrial firms jumped 10.2% in the January-February period from the same period last year, official data showed on Wednesday, adding to signs of optimism about a solid start for 2024 in the wake of a slew of upbeat economic indicators.

The rise came on the back of a 2.3% profit decline for the whole of 2023, National Bureau of Statistics (NBS) data showed.

Industrial profit numbers cover firms with annual revenue of at least 20 million yuan ($2.78 million) from their main operations.

($1 = 7.1986 Chinese yuan)

(Reporting by Qiaoyi Li and Ryan Woo; Editing by Sam Holmes and Christopher Cushing)