The combined profit of major industrial enterprises in China exceeded 7.43 trillion yuan (about US$ 1.04 trillion) in 2024, down 3.3% year on year, the National Bureau of Statistics (NBS) said. The data showed that in December last year, profits went up 11% year on year.

NBS statistician Yu Weining attributed the improvement to the implementation of incremental measures. Industrial profits in December rebounded significantly from a 7.3% decrease in November, and the decline in corporate earnings in the fourth quarter eased markedly from the third quarter of last year.

High-tech manufacturing became an important growth driver in 2024, with profits growing 4.5 percent from 2023. In particular, Yu said that high-end, intelligent and green manufacturing recorded faster profit growth.

As for textile-related sectors, in 2024, the main business income of textile enterprises above the designated size totaled 2.39 trillion yuan, increasing by 3.6% compared with the same period of the previous year; the profit of the textile industry totaled 86.87 billion yuan, with year-on-year growth of 3.4%. While the main business income of enterprises above the designated size in the garment and accessories industry reached 1.26 trillion yuan, up by 2.8% year-on-year, the profit of the garment and accessories industry reached 62.38 billion yuan, with a year-on-year growth of 1.5%. As for the performance of leather, fur, feather, and their products and footwear industry, their main business income reached 853.32 billion yuan, increasing by 3.7% year-on-year; their profit totaled 46.09 billion yuan, growing by 1.6% year-on-year.

As for the chemical fiber manufacturing industry, the main business income of enterprises above designated size was 1.16 trillion yuan, up by 5.7% year-on-year, and its profit totaled 35.81 billion yuan, surged by 33.6% year-on-year.

Moving forward, Yu called for continued efforts to expand domestic demand, boost the formation of new quality productive forces, and promote the recovery of industrial profits.

Source: CHINA TEXTILE LEADER Express