The National Bureau of Statistics released a report yesterday. In the first quarter of this year, the profits of industrial enterprises above designated size reached 1,044.9 billion yuan, down 1.3% year-on-year. However, this decline was 3.9 percentage points lower than the 5.2% in January-February, and the profit in March was 438.9 billion yuan, a year-on-year increase of 4.5%. In the first quarter, private companies performed better, and profits of state-owned and foreign companies declined rapidly. Among industrial enterprises above designated size, state-owned and state-controlled enterprises realized profits of 317.2 billion yuan, down 12.4% year-on-year; collective enterprises realized profits of 17.8 billion yuan, up 16.8% year-on-year; joint-stock enterprises realized profits of 595.9 billion yuan, up 0.4% year-on-year; The profits of Hong Kong, Macao and Taiwanese investment enterprises reached 251.5 billion yuan, down 12.6% year-on-year; private enterprises realized profits of 326.4 billion yuan, up 22.4% year-on-year. He Ping, director of the Economic Benefits Division of the Industry Department of the National Bureau of Statistics, believes that there are four main reasons for the year-on-year decline in industrial profits in China: price factors constrained profit growth, weak product sales growth, increased manufacturing costs, and high growth rates during the period. For the first quarter, the profits of state-owned and state-owned, foreign-invested, Hong Kong, Macao and Taiwanese investment companies declined rapidly. He Ping said that state-owned and state-controlled enterprises are mainly affected by petroleum processing coking and nuclear fuel processing, ferrous metal smelting and rolling processing, chemical raw materials and The profits of chemical manufacturing industry have fallen sharply; foreign-invested enterprises from Hong Kong, Macao and Taiwan have a relatively high export-oriented products, which are affected by the weak international market, appreciation of the renminbi and rising costs. However, He Ping reminded that compared with the previous two months, the profits of industrial enterprises above designated size in China rose from March. The main reasons for this phenomenon are: the growth rate of industrial production and sales has rebounded, the downward trend of price changes on profit growth has weakened, and the net income of industrial enterprises outside the business has changed from a year-on-year decline to a substantial increase.
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