China’s industrial enterprises register steady recovery in 2023

BEIJING  -   China’s industrial enterprises saw steady recovery in 2023 and their combined revenues in­creased for a fifth straight month, official data showed. Last year, revenues of major in­dustrial firms with annual main business revenue of at least 20 million yuan (about 2.82 mil­lion US dollars) went up 1.1 percent year on year, accord­ing to the National Bureau of Statistics (NBS). In the fourth quarter of 2023, the revenues of these enterprises rose 3.2 percent year on year, while the growth rate was 2.9 percent­age points faster than in the previous quarter. The opera­tion of industrial enterprises maintained an expansion trend and showed strong resilience, creating favourable conditions for the continuous recovery of their profits, said NBS statisti­cian Yu Weining. In the next stage, China will expand domes­tic demand, stimulate the vital­ity of various business entities, promote self-reliance in high-level science and technology and accelerate the development of a modern industrial system, as part of efforts to promote the high-quality development of the industrial economy, Yu added.

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