China’s major industrial firms saw their combined profits increase for a fifth straight month in December 2023, official data showed.

The profits of major industrial firms with annual main business revenue of at least CNY 20 million (about US$ 2.8 million) increased by 16.8% year on year in December last year, data from the National Bureau of Statistics (NBS) showed.

The profit of China’s industrial enterprises above designated size totaled CNY 7.68 trillion, seeing a year-on-year decline of 2.3%, 2.1 percentage points narrower than that of the January-November period.

In 2023, the main business income of textile enterprises above designated size reached CNY 2.28 trillion, decreasing by 1.6% compared with the same period of the previous year; the profit of textile industry totaled CNY 83.95 billion, with year-on-year growth of 5.9%. While the main business income of enterprises above designated size in garment and accessories industry reached CNY 1.21 trillion, down by 5.4% year-on-year; the profit of garment and accessories industry reached CNY 61.38 billion, with year-on-year decline of 3.4%.

In 2023, the main business income of leather, fur, feather and their products and footwear industry reached CNY 798.61 billion, declined by 5.8% year-on-year; their profit totaled CNY 44.41 billion, with year-on-year growth of 2.0%.

In 2023, the main business income of enterprises above designated size in chemical fiber manufacturing industry was CNY 1.09 trillion, up by 6.8% year-on-year; and its profit totaled CNY 27.07 billion, surged by 43.8% year-on-year.

Source: CHINA TEXTILE LEADER Express