Profits of China’s major industrial firms increased 10.2% year on year in the first two months of the year, data from the National Bureau of Statistics (NBS) showed. The figure reversed a 2.3% decline registered in 2023, the NBS said.

Industrial firms with an annual main business revenue of at least CNY 20 million (about US$ 2.82 million) saw their combined profits reach CNY 914.06 billion during the period.

Among the 41 industrial categories monitored by the bureau, 29 recorded profit growth.

From January to February, the main business income of textile enterprises above designated size reached CNY 321.65 billion, increased by 12.2% compared with the same period the previous year; the profit of textile industry totaled CNY 6.77 billion, with year-on-year growth of 51.1%. While the main business income of enterprises above designated size in garment and accessories industry reached CNY 176.12 billion, up by 7.8% year-on-year; the profit of garment and accessories industry reached CNY 7.89 billion, with year-on-year growth of 31.1%.

From January to February, the main business income of leather, fur, feather and their products and footwear industry reached CNY 120.8 billion, up by 6.8% year-on-year; their profit totaled CNY 5.47 billion, with year-on-year growth of 21.3%.

From January to February, the main business income of enterprises above designated size in chemical fiber manufacturing industry was CNY 162.21 billion, up 23.9% year-on-year; and its profit totaled CNY 2.43 billion.

Source: CHINA TEXTILE LEADER Express