47.2% increase in the profits of the electricity production and supply sector in China during the first quarter

BEIJING, May 27: Data from China’s National Bureau of Statistics showed today that the electricity and heat production and supply sector witnessed a 47.2 percent rise in profits during the first quarter of this year.

The authority stated in a statement that the machinery and electrical equipment industry recorded an increase of 30.1 percent, driven by the government’s supportive policies, so that the profits of the equipment industry increased by 29.8 percent year on year, shifting from decline to growth, and for this sector to become the largest engine for the profits of major industrial companies and push it up by 6.4 points. percentage.

And the chief statistician of the National Bureau of Statistics, Sun Xiao, said that with the recovery of the economy, the decline in profits of industrial companies continues to shrink, but the recovery of their profitability still faces challenges from external uncertainty. He stressed the need for targeted policies to stimulate the vitality of business entities.

In this regard, the office indicated that the profits of major industrial companies declined by 20.6 percent on an annual basis in the first quarter of this year, after a decline of 22.9 percent during the first two months of the year.

On this occasion, the National Bureau of Statistics stated that industrial companies with an annual income of at least 20 million yuan ($2.83 million) reached a total profit of 2.03 trillion yuan in that period, noting that 13 out of 41 major industries experienced growth in profits in the period. From January to last April.