China’s industrial profits surged 18.2% year-on-year in the January–April 2026 period, accelerating from a 15.5% increase in the first quarter. This robust performance came despite external headwinds stemming from ongoing tensions in the Middle East, which have intensified uncertainty around global demand and supply chains.
State-owned enterprises delivered solid results, with profits rising 17.1% to CNY 827.15 billion. Joint-stock companies posted an even stronger 24.0% increase, bringing profits to CNY 1,883.44 billion. Private firms remained a key growth engine, although their profit growth moderated slightly to 23.7% from 25.4%, with total profits reaching CNY 651.14 billion.
By sector, manufacturing continued to drive overall gains, with profits up 20.4%. The mining sector followed with a 26.0% increase, while utilities lagged behind, recording a 1.9% decline in profits.
At the industry level, standout performances came from computer, communication, and other electronic equipment manufacturing, where profits jumped 107.7%, and from non-ferrous metal smelting and rolling processing, which saw profits soar 117.8%. In April alone, industrial profits rose 24.7% compared with a year earlier.
